Dubai: Deyaar Development, the Dubai-listed property firm, reported on Thursday a 27 per cent decline in its profits for the second quarter of 2019 as operating costs jumped and the company incurred provisions against claims.
The figures for the quarter brought profits in the first half of this year to Dh36.7 million — down nearly 44 per cent from the Dh65 million recorded in the same period last year.
Revenues were higher, however, rising by 17.6 per cent in the second quarter to Dh161.7 million, and up by 7.5 per cent in the first half to Dh337.6 million.
In a statement, Deyaar did not provide forward guidance or comment on the decline in profits. Saeed Al Qatami, chief executive officer of Deyaar, said 2019 has so far seen “positive growth” for the company as it drew near completion on ongoing projects.
“With the imminent launch of our next hospitality project in partnership with Millennium Hotels and Resorts Middle East and Africa and our first Midtown district, Afnan, in its final stages, we look forward to the continued growth of our business in the months to come,” he said.
