Deyaar secures strong fourth-quarter to record 105% increase in net profit in 2008

Dubai: Real estate company Deyaar Development reported on Sunday net profits of Dh1.104 billion for the 12-month period ending December 31, 2008, an increase of 105 per cent compared to Dh540 million achieved in the previous year.

During the same period, the company's revenues reached a record Dh2.973 billion, an increase of 136 per cent compared to revenues of Dh1.259 billion the previous year.

Deyaar also announced its financial results for the fourth quarter of 2008, including net profits of Dh343 million for the three months ending December 31, 2008, up 59 per cent compared to Dh216 million during the same period in 2007.

The company's revenues for the fourth quarter of 2008 reached Dh676 million, up 10 per cent compared to Dh617 million during the corresponding period in 2007.

The fourth-quarter numbers are inclusive of the portfolio revaluation and adjustments made in line with current market conditions.