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Mon 26 Oct 2015 05:40 PM

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Dubai's Deyaar posts 37% slump in Q3 net profit

Deyaar, one of the firms worst hit by Dubai's property market collapse, made profit of $13.3m in third quarter

Dubai's Deyaar posts 37% slump in Q3 net profit
Midtown, one of Deyaars planned projects in Dubai.

Dubai's Deyaar Development reported a 37.7 percent slump in third-quarter net profit on Monday.

Deyaar, one of the companies worst hit by Dubai's property market collapse in 2009-2011, made a quarterly profit of 48.9 million dirhams ($13.3 million) in the three months to Sept. 30, according to Reuters calculations.

That compares with a profit of 78.5 million dirhams in the corresponding period of 2014.

Deyaar did not provide a quarterly breakdown.

SICO Bahrain had forecast the developer would make a quarterly net profit of 5.7 million dirhams.

Deyaar said it made 190 million dirhams in the first nine months of 2015, without giving further details.

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