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Wed 25 Jan 2017 11:24 AM

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Dubai developer Deyaar announces 52% Q4 net profit fall

Company said full-year revenue increased because of progress on its The Atria and Mont Rose projects

Dubai developer Deyaar announces 52% Q4 net profit fall

Dubai's Deyaar Development reported a 52.4 percent fall in fourth-quarter net profit on Wednesday, according to Reuters calculations.

The company made a profit of 48.3 million dirhams ($13.2 million) in the three months to Dec. 31, based on Reuters calculations.

This compares to a profit of 101.5 million dirhams in the corresponding period of 2015.

The developer said it made 216.1 million dirhams for the full year 2016, compared with 291.4 million dirhams in 2015, according to a bourse statement.

Full-year revenue was 428.3 million dirhams, up from 257.1 million dirhams in 2015.

The company said full-year revenue increased because of progress on its The Atria and Mont Rose projects. It did not give a reason for the net profit fall.

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