Dubai: Deyaar Development reported a 14 per cent rise in fourth-quarter net profit on Tuesday.
The company made a profit of Dh101.5 million in the three months to December 31, Reuters calculated based on its annual financial statement in lieu of a quarterly breakdown.
This compares with a profit of Dh88.8 million in the corresponding period of 2014.
An analyst at SICO Bahrain, polled by Reuters, forecast Deyaar would make a net loss in the quarter of Dh28.9 million.
Deyaar’s 2015 net profit was Dh291.4 million, up from Dh281.9 million in 2014, it said in an emailed statement.
Saeed Al Qatami, Chief Executive Officer of Deyaar Development PJSC, in a statement said: “Our ventures into affordable housing and hospitality will remain a focus for the company in the immediate future as we look forward to starting the construction of the Afnan District within the Midtown project and the completion of The Atria and Montrose projects.
