Dubai’s Deyaar Development fourth-quarter profit fell 43 per cent, 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 Dhs38.7 million ($10.54 million) in the three months to Dec. 31, according to Reuters calculations.
This compares with a profit of Dhs67.4 million in the corresponding period of 2013, Reuters data shows.
SICO Bahrain forecast Deyaar’s quarterly profit would be Dhs12.9 million.
Dubai’s Deyaar reported an 82 per cent rise in 2014 annual consolidated net profit, according to a statement from the developer.
Deyaar made a consolidated net profit of Dhs281.9 million ($76.8 million) in 2014. This compares with a profit of Dhs154.5 million in 2013, the statement said.