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Dubai developer Deyaar Q4 net profit falls 52%

Dubai developer Deyaar Q4 net profit falls 52%

Deyaar did not give a reason for the net profit fall

Dubai’s Deyaar Development reported a 52.4 per cent fall in fourth-quarter net profit on Wednesday, according to Reuters calculations.

The company made a profit of Dhs48.3m ($13.2m) in the three months to December 31.

This compares to a profit of Dhs101.5m in the corresponding period of 2015.

The developer said it made Dhs216.1m for the full year 2016, compared with Dhs291.4m in 2015, according to a bourse statement.

Full-year revenue was Dhs428.3m, up from Dhs257.1m in 2015.

The company said full-year revenue increased because of progress on its The Atria and Mont Rose projects.

It did not give a reason for the net profit fall.

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