Dubai
Deyaar said on Sunday its first quarter net profit fell to Dh32 million from Dh51 million in the same period last year due to the write back of provision for impairment of investment of an associate.
The company reported a strong year-on-year increase in revenues to Dh142 million from Dh60 million due to strong growth in property revenues, following good progress in Deyaar’s flagship projects, including The Atria and Mont Rose.
Meanwhile, the company continued to prudently manage expenses, which stood at Dh41 million for the first three months of 2017.
“The first three months of 2017 have seen Deyaar continue to make steady progress in our existing projects, while closely controlling our cost base and expanding our pipeline of future developments,” Saeed Al Qatami, CEO of Deyaar, said in a statement.
“Two key focus areas in the coming months will be the commencement of work on the Midtown master development, and the implementation of our ambitious plans for the hospitality sector, both of which are central to Deyaar’s long-term strategy for sustainable growth,” he said.
Deyaar began 2017 by establishing a joint venture with Dubai South to develop a mixed-use project comprising residential property, retail and hospitality facilities on a location adjoining the Expo 2020 Dubai site.
