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Wed 23 Jul 2014 03:22 PM

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Dubai's Deyaar says Q2 net profit more than doubles

Buoyed by launch of hotel apartment project, developer makes $17m profit in three months to June 30

Dubai's Deyaar says Q2 net profit more than doubles

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.

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