The Dubai real estate developer Deyaar posted a lower net profit of $13.3 million in the third quarter, figures show.
According to a calculation by Reuters, that accounted to a 37.7% drop in net profits, as compared to a profit of $21.3 million in the corresponding period last year.
Though Deyaar did not provide a breakdown of its quarterly numbers, it did report on its website a nine-month net profit of $51.7 million.
Saeed Al Qatami, chief executive officer of Deyaar commented saying, “This achievement is a result of our constant commitment to our customers, shareholders and stakeholders. Our team develops innovative plans and strategies to achieve optimal efficiency, by monitoring market conditions and studying the current market requirements.
“Dubai is renowned for launching pioneering projects that diversify the nature of supply and demand in the real estate scene, in the short and long term. Deyaar is constantly implementing new strategies and key projects to remain an influential player in this dynamic market.”