We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Thu 12 Aug 2010 03:16 PM

Font Size

- Aa +

Dubai's Deyaar reports $66.16m Q2 net loss

Dubai property developer says it swung to a net loss in the second quarter.

Dubai's second-largest property developer by market value Deyaar on Thursday said it swung to a net loss in the second quarter.

The developer made a net loss of AED243 million ($66.16 million) in the three months to June 30 compared with AED76.4 million in the same period last year, according a company statement on the bourse website.

Deyaar had made a first quarter net loss of AED100 million on the back of significant provisions.

The developer, which rivals Emaar Properties and Union Properties dismissed its chief executive in April as part of a restructuring plan and appointed Saeed al-Qatami as acting chief. (Reuters)

Arabian Business digital magazine: read the latest edition online

For all the latest UAE 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.