Dubai’s Deyaar Q1 Net Profit Rises 6%

Dubai’s Deyaar Development reported a six per cent rise in first-quarter net profit on Tuesday.

Deyaar, one of the companies worst hit by Dubai’s property market collapse in 2009-2011, made a quarterly profit of Dhs55.2 million ($15.03 million) in the three months to March 31, it said in a statement.

This compares with a profit of Dhs52.1 million in the corresponding period of 2014.

SICO Bahrain forecast Deyaar’s quarterly profit would be Dhs23.4 million.

Deyaar did not state its first-quarter revenue.