Developer says it made quarterly profit of more than $15m in three months to March 31
Dubai's Deyaar Development reported a 6 percent rise in first-quarter net profit on Tuesday.
Deyaar, one of the companies worst hit by Dubai's property market collapse in 2009-2011, made a quarterly profit of 55.2 million dirhams ($15.03 million) in the three months to March 31, it said in a statement.
This compares with a profit of 52.1 million dirhams in the corresponding period of 2014.
SICO Bahrain forecast Deyaar's quarterly profit would be 23.4 million dirhams.
Deyaar did not state its first-quarter revenue.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.