Property developer benefits from completion of stall projects and handover of homes
Dubai property developer Deyaar reported a surge in its 2013 profit on Tuesday, as it benefited from completion of stalled projects and the handover of homes to customers.
Deyaar, one of the companies worst hit by Dubai's real estate market collapse of 2008-2010, made a net profit of AED154.5 million ($42.1 million) last year compared with AED38.6 million in 2012.
The company did not provide any fourth-quarter figures. But Reuters calculated, based on previous earnings statements, a quarterly net profit of AED67.4 million against AED5.5 million in the corresponding period of 2012.
One analyst at Naeem Holding had forecast the property firm would make a fourth-quarter net profit of AED32 million.