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Dubai Developer Deyaar Q2 Net Profit More Than Doubles

Dubai Developer Deyaar Q2 Net Profit More Than Doubles

The company made a quarterly consolidated net profit of Dhs62.5 million ($17 million) compared with Dhs27.3 million in the corresponding period in 2013.

Dubai-based property developer Deyaar said on Wednesday its second-quarter net profit more than doubled, buoyed by the launch of its hotel apartment project.

Deyaar made a quarterly consolidated net profit of Dhs62.5 million ($17 million) compared with Dhs27.3 million in the corresponding period in 2013.

SICO Bahrain had estimated the company would make a first-quarter profit of Dhs36.5 million.

In April, the developer launched sales of hotel apartments at its project “The Atria” in the Business Bay area, which neighbours the emirate’s most popular area of Downtown Dubai, housing the world’s largest tower Burj Khalifa.

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