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Mon 19 Oct 2009 02:38 PM

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Deyaar CEO upbeat despite 74% fall in Q3 profit

Dubai developer's net profit nosedives but is better than previous quarter.

Dubai's
Deyaar

made a third-quarter net profit of AED81.6 million ($22.22 million), an increase of eight percent on the previous quarter but a drop of 74 percent on the same period in 2008.

In a statement released to the Dubai Financial Market website on Monday, the developer also announced that revenue for the same period was AED450.3 million, a rise of 12 percent on the second quarter.

The company added that the results were in line with its forecast.

It said: "While global economic challenges continue to impact overall revenues,
Deyaar

continued to be profitable throughout the first nine months of the year, maintaining a positive operational cash flow."

Deyaar

said it was committed to delivering six projects in 2010, while expanding the sixe of its property management portfolio and looking for opportunities to grow outside of the UAE.

Markus Giebel, CEO, said: "I am confident that...we will continue to be profitable for the rest of the year while maintaining the same high level of customer service and shareholder value."

The company said that key milestones in the third quarter included fulfilling its pledge to deliver seven projects during 2009.

In September, it handed over The Citadel, a AED700m, 41 storey commercial tower in Business Bay, Dubai.