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Dubai developer Deyaar posts $66.2 mln Q2 net loss

The developer made a net loss of $66.16 million in the three months to June 30.

August 12, 2010 2:43 by

Dubai’s second-largest property developer by market value Deyaar on Thursday said it swung to a net loss in the second quarter.

The developer made a net loss of 243 million dirhams ($66.16 million) in the three months to June 30 compared with 76.4 million dirhams in the same period last year, according a company statement on the bourse website.

Deyaar had made a first quarter net loss of 100 million dirhams on the back of significant provisions.

The developer, which rivals Emaar Properties and Union Properties dismissed its chief executive in April as part of a restructuring plan and appointed Saeed al-Qatami as acting chief.

(Reporting by Nicolas Parasie, Ediitng by Dinesh Nair)

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