Dubai: Deyaar Development PJSC, a Dubai-based developer, reported a net loss of Dh2.3 billion last year, compared to 2009, citing write down on the value of select assets and investments.
"Despite these write-downs and impairment provisions, Deyaar's book value per share stood at Dh0.763 as of December 31, 2010," the company said in a statement.
In 2010, Deyaar focused on strengthening its core operations, while also maintaining a conservative approach towards enhanced impairment provisions. This prudence in financial reporting positions the company to enter 2011 with a healthier balance sheet and a greater ability to respond to evolving market conditions, the company said.
The company has already handed over four projects so far this year, ensuring that it continues to meet the needs of its clients.
At the same time, Deyaar is increasingly focused on extending its property and facility management business, which is contributing increasingly to the profitability of the company. Currently, Deyaar manages over 14,000 commercial and residential units.
"As a consequence of writing down the value of select assets and investments, and reflecting the extremely challenging market conditions last year, the company reported today a net loss of Dh2,305 million for the year ending December 31, 2010," it said.
Saeed Al Qatami, Chief Executive Officer, said: "As we enter a period of increased stability in the UAE property sector, in line with more positive macroeconomic conditions, Deyaar now looks to 2011 with renewed confidence, as well as with an enduring focus on customer care and service innovation. Last month, Deyaar announced a series of strategic partnerships with leading UAE-based financial institutions to offer competitive home finance options to its clients."
