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Mon 13 Jul 2015 03:54 PM

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Dubai developer Deyaar says Q2 net profit rises 37.5%

Company says it made a quarterly profit of more than $23m in the three months to June 30

Dubai developer Deyaar says Q2 net profit rises 37.5%
Deyaars Atria project.

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.

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