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PROFIT JUMP: Deyaar posted profit of $84.9 million in the third quarter. (ITP Images)
Dubai developer Deyaar Development said on Saturday third quarter profit rose 56 percent on the back of increased property sales.
The company posted Q3 net profit of 312 million dirhams ($84.9 million), or 0.213 fils per share, compared to 200.2 million dirhams, or 0.137 fils per share, for the same period last year.
Revenue rose to 1.01 billion dirhams in Q3, compared to 214.9 million dirhams for the year-earlier period, it said.
Deyaar CEO Markus Giebel said the company was "sharply focused" on delivering the bulk of its projects currently under development by 2010.
Giebel also said the company was in talks with other developers "to establish local partnerships and joint ventures in key international markets".
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