Company says it made a quarterly profit of more than $23m in the three months to June 30
Dubai's Deyaar Development recorded a 37.5 percent increase in second-quarter net profit, according to a statement from the real estate firm on Monday.
Deyaar, one of the companies worst hit by Dubai's property market collapse in 2009-2011, made a quarterly profit of AED85.8 million ($23.4 million) in the three months to June 30.
This compares with a profit of AED62.4 million in the corresponding period of 2014.
SICO Bahrain forecast the developer would make a quarterly net profit of AED41.3 million.
Deyaar did not provide any details of its financial results in its statement, except for the quarterly profit figure.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.