Deyaar Developments announce 2010 losses
Company maintains 2011 will see “healthier balance sheet”
Real estate developers Deyaar Development PJSC announced net losses of AED 2305 million for the financial year ending December 2010.
The company attributes the loss to “a consequence of writing down the value of select assets and investments, reflecting 2010’s extremely challenging market conditions”. Values per share for the same period stood at AED0.763.
“As we enter a period of increased stability in the UAE property sector, in line with more positive macroeconomic conditions, Deyaar now looks to 2011 with renewed confidence, as well as with an enduring focus on customer care and service innovation,” said CEO Saeed Al Qatami.
Calling it a” challenging period for the real estate sector”, Deyar says it focused on strengthening “core operations, while also maintaining a conservative approach towards enhanced impairment provisions”.
In February Deyaar announced partnerships with leading UAE based financial institutions to offer competitive financing to clients.
Deyaar maintains it is now positioned to return a “healthier balance sheet” in 2011.
