Feb 05 2012 |
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Dubai Deyaar Swings To FY2011 Net Pft Of AED37.7 Mln Vs Loss Yr Ago
Sunday, Feb 05, 2012
DUBAI (Zawya Dow Jones)--Dubai-based real estate developer Deyaar Development (DEYAAR.DFM) said Sunday it made a net profit of 37.7 million U.A.E. dirhams ($10.27 million) in 2011, compared with a net loss of AED2.87 billion in the year earlier, as the company handed over five projects in Business Bay.
The company posted a fourth-quarter net loss of AED7.4 million versus a net loss of AED1.82 billion a year earlier. Deyaar didn't provide fourth-quarter numbers in its statement posted on the Dubai bourse website, and the earnings are according to calculations based on Zawya.com data.
"The company will continue with its focus on completing the projects in the pipeline, growing the existing sources of sustainable income and exploring new business opportunities," Deyaar 's Chief Executive Saeed Al Qatami said in the statement.
The company's shares closed up 0.4% at AED0.23 Thursday.
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
05-02-12 0555GMT
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