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Tue 14 Apr 2015 05:05 PM

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Dubai's Deyaar posts 6% rise in Q1 net profit

Developer says it made quarterly profit of more than $15m in three months to March 31

Dubai's Deyaar posts 6% rise in Q1 net profit
Deyaars Atria project.

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.

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