Sunday, Apr 22, 2012
(This story was originally published Thursday.)
DUBAI (Zawya Dow Jones)--Dubai-based real estate developer Deyaar Development (DEYAAR.DFM) said Thursday it made a first-quarter net profit of 9.4 million U.A.E. dirhams ($2.56 million), sharply lower than last year, in extremely challenging market conditions.
The company had reported a net profit of AED26.3 million a year earlier, according to Zawya.com. Deyaar didn't provide a comparative number in a statement posted on the Dubai bourse website.
The repercussions of the global financial crisis continued to impact the company's financial performance during the period, but Deyaar's primary focus remains on completing existing real estate developments and growing sustainable income from property and facilities management and leasing businesses, the statement said.
Deyaar's gross revenues reached AED150 million, while total assets reached AED6.7 billion, the company said.
Dubai real estate prices fell more than 50% since the global financial crisis in 2008. However, analysts at Jones Lang LaSalle say the emirate's real estate market has now bottomed out and signs of recovery are being witnessed in some prime locations.
Deyaar said it expects to deliver another three projects over the course of this year.
The company's stock closed 0.5% lower at AED0.388 Thursday.
-By Tahani Karrar-Lewsley, Dow Jones Newswires; +9714 446-1698; tahani.karrar@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
22-04-12 0337GMT
