Deyaar half-year profit drops 15.4%

Dubai: Dubai-listed Deyaar Development reported a 15.4 per cent drop in first-half profit on Wednesday, according to financial document extracts provided to Gulf News by the company.

Deyaar made a net profit of Dh111.3 million in the six months to June 30, compared to a Dh137.7 million profit in the same period a year earlier.

Revenue increased 16 per cent to Dh135 million, compared to Dh116 million in the previous period.

Deyaar has restated its profit and revenue figures for 2015 due to a change in accounting policy, the company told Gulf News.

     Deyaar on Dania District

In an earlier statement, chief executive Saeed Al Qatami said the half-year performance was “steady.”

“Our focus in 2016 has been to continue to implement measures to strengthen the business and improve efficiencies,” he said.

According to Reuters calculations, second-quarter profit fell 30.1 per cent to Dh60 million from a Dh85.8 million profit in the three months to June 30, 2015.

The quarterly performance was not reflected in neither the financial document extracts provided to Gulf News or the earlier statement announcing the half-year results.

Al Qatami said the company was “well-positioned to grow going forward.”

Source: Staff Report, gulfnews.comGN


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