Deyaar, the Dubai based property developer, has reported a surge in third quarter net profit as it halved costs to make up for a drop in revenue.
The developer said that revenues were lower as it continued to focus on completing existing projects and growing sustainable income in difficult market conditions. In a statement on the Dubai bourse website, the company said that it had made $1.38m in profit in the three month period, which was up by 673% from the $17,968 post in the year before period.
Revenues in the last quarter fell to $37.4m from $50.2m a year ago, financial statements released by the company said.
Earlier this month, Deeyar announced that it would provide property management and leasing services for properties owned by the UAE based real estate finance provider, Tamweel.
Under the new partnership, Tamweel Al Reef Villas, Arabian Ranches and Palm Jumeirah will be leased and managed by Deyaar.