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Thu 12 Aug 2010 03:16 PM

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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)

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