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Thu 2 May 2013 09:48 AM

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Dubai's Deyaar doubles Q1 net profit

Developer says performance driven by improved sentiment in the UAE's real estate market

Dubai's Deyaar doubles Q1 net profit

Dubai's Deyaar Development reported on Thursday a doubling of first-quarter net profit, which the developer attributed to improving sentiment in the emirate's real estate sector.

The firm posted a net profit of AED19.4m ($5.3m) for the first three months of 2013, up from the AED9.4m made in the same period last year.

An analyst at SICO Investment Bank in Bahrain forecast a profit of AED18.4m.

"The real estate market has seen an incline, which has backed our growth and will continue to do so in the future," Abdulla Ali Obaid Al Hamli, chairman of Deyaar, said in the statement.