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Sun 25 Jan 2015 01:44 PM

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Dubai's Deyaar sees Q4 net profit slump by 43%

Real estate developer made a quarterly profit of just over $10.5m in three months to December 31

Dubai's Deyaar sees Q4 net profit slump by 43%

Dubai's Deyaar Development fourth-quarter profit fell 43 percent, Reuters calculated based on major shareholder Dubai Islamic Bank's (DIB) financial statement that was published on Sunday.

Deyaar, one of the companies worst hit by Dubai's property market collapse in 2009-2011, made a quarterly profit of 38.7 million dirhams ($10.54 million) in the three months to December 31, according to Reuters calculations.

This compares with a profit of 67.4 million dirhams in the corresponding period of 2013, Reuters data shows.

SICO Bahrain forecast Deyaar's quarterly profit would be 12.9 million dirhams.

The company's 2014 annual profit was 231.7 million dirhams, up from 154.5 million dirhams in 2013, according to DIB's financial statement. The bank owns a 45 percent stake in Deyaar.

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