Thursday, Nov 03, 2011
(This story was originally published Wednesday)
DUBAI (Zawya Dow Jones)--Dubai-based real estate developer Deyaar Development returned to profit in the third quarter of the year, compared with sizable losses a year ago, and said it expects to deliver an office tower in Business Bay and a residential tower in IMPZ by the end of the year.
Deyaar made a third quarter net profit of 580,000 U.A.E. dirhams ($158,000), according to Zawya Dow Jones calculations. It made a net loss of AED145.5 million in the corresponding year ago period.
"For the first nine months of 2011, Deyaar reported a net profit of AED45 million, an increase of 109% compared to net loss of AED489 million in the same period last year. The gross revenue for the same period reached AED665 million against AED432 million for the corresponding period last year, a growth of AED233 million," the company said in an emailed statement.
Deyaar shares closed trading Wednesday 0.4% down at AED0.23.
-By Tahani Karrar-Lewsley, Dow Jones Newswires; +9714 446-1692; tahani.karrar@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
03-11-11 0338GMT
