By Staff writer
Deyaar also says revenue for first quarter rises on back of strong sales at flagship projects
Dubai developer Deyaar has announced a 37 percent slump in net profit for the first quarter of 2017 despite an increase in revenue.
The company said in a statement that net profit fell from AED51 million in Q1 2016 to AED32 million, adding that the year-earlier period included a write-back of provision for impairment of investment in an associate.
Deyaar reported a year-on-year increase in revenues to AED142 million from AED60 million for the three months ending March 31, with the rise down to particularly strong growth in property revenues following progress in flagship projects, including The Atria and Mont Rose.
The company added that expenses fell to AED41 million for the first three months of 2017, down from AED48 million.
Saeed Al Qatami, CEO of Deyaar, said: “The first three months of 2017 have seen Deyaar continue to make steady progress in our existing projects, while closely controlling our cost base and expanding our pipeline of future developments.
"Two key focus areas in the coming months will be the commencement of work on the Midtown master development, and the implementation of our ambitious plans for the hospitality sector, both of which are central to Deyaar’s long-term strategy for sustainable growth.”
Deyaar began 2017 by establishing a joint venture with Dubai South to develop a mixed-use project comprising residential property, retail and hospitality facilities on a location adjoining the Expo 2020 Dubai site.