Buoyed by launch of hotel apartment project, developer makes $17m profit in three months to June 30
Dubai-based property developer Deyaar said on Wednesday its second-quarter net profit more than doubled, buoyed by the launch of its hotel apartment project.
Deyaar made a quarterly consolidated net profit of AED62.5 million ($17 million) compared with AED27.3 million in the corresponding period in 2013.
SICO Bahrain had estimated the company would make a first-quarter profit of AED36.5 million.
In April, the developer launched sales of hotel apartments at its project "The Atria" in the Business Bay area, which neighbours the emirate's most popular area of Downtown Dubai, housing the world's largest tower Burj Khalifa.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.