| Kippreport.com

Deyaar’s Q2 profits up 38pc

July 12, 2009 1:35 by Dana El Baltaji

Deyaar Development’s second quarter profits hit AED75.4 million, a 38 percent rise over its first quarter results, but a 69 percent drop on the same period in 2008, a company statement said.

The developer’s gross revenues for the quarter was AED402 million, and its total assets stood at AED11.3 billion.

“Deyaar’s strong balance sheet performance in the first half of 2009 is a validation of our business strategy that has positioned us better to navigate through a challenging market…We remain on course to achieve our target of delivering seven projects in 2009,” said Markus Giebel, CEO of Deyaar.

The company expects to deliver almost 4 million square feet of properties by the end of 2009.

Tags: Deyaar Development, Dubai property, Real estate, second quarter results