Dubai: Deyaar Development made a profit of Dh45 million in the first nine months of 2011 and is poised to deliver two towers by year-end, the company said in a statement to Dubai's bourse yesterday.
The real estate firm was affected by the collapse of Dubai's property sector and posted a net loss of Dh489 million in the corresponding period last year.
Deyaar did not provide separate results for the third quarter but said revenues for the nine months to September 30 rose 54 per cent to Dh665 million from Dh432 million in the year-before period.
"Deyaar's improved performance is due to a larger income stream in their portfolio and also the fact they are developing less, which means less outgoings," said Matthew Green, head of research and consultancy for the UAE at CB Richard Ellis Middle East.
"They have got a few potentially big assets, especially Central Park towers at Dubai International Financial Centre," he added.
Deyaar's stock fell 0.43 per cent to Dh0.234 on the Dubai Financial Market yesterday before the results were announced. Total shareholders' equity increased to Dh4.43 billion with total assets of Dh7.6 billion during the nine month period.
"Deyaar is poised to deliver an office tower in Business Bay and a residential tower in Dubai's International Media Production Zone by the end of this year," said Saeed Al Qatami, Deyaar's chief executive officer.
"We continue to demonstrate our unique ability to offer customers comprehensive, integrated solutions through our three main business units: property development, property management and facilities management," he added.
During the third quarter of this year, Deyaar announced several initiatives including a partnership with Tamweel, the Islamic home finance provider.
