Property

Dubai’s Deyaar Development reports 22.5% rise in Q3 profit

Developer made $15.4 million during the period as revenues surged, although profit for first nine months of the year is down

Saeed Al Qatami, CEO of Deyaar.

The Dubai Financial Market-listed Deyaar Development has reported a 22.5% increase in revenues for the third quarter.

Deyaar made AED56.5 million ($15.4m) during the period, compared to AED46.1m in the third quarter of 2015, its financials show.

Revenues for the first nine months of 2016 totalled AED 261 million, an 85% rise compared with the same period last year.

But profit for the first nine months stood at AED 167.9 million, less than the AED 177.9 million it made a year ago.

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