Deyaar, the real estate developer, has posted a 64% drop in its net profit in the first quarter of 2012.
The developer earned a net profit of Dh9.4 million amid “extremely challenging market conditions”, compared to Dh26.3 million in net profit during the same time last year.
Deyaar’s gross revenues reached Dh150 million, it said. Total shareholders’ equity stood at Dh3.9 billion while total assets reached Dh6.7 billion.
The effects of the global financial crisis “continue to impact the company’s financial performance” but Deyaar will move forward with its 2012 strategy to focus on completing existing real estate projects and growing sustainable income from property management, facilities management and leasing businesses, it said.
“We look forward to delivering another three projects over the course of this year,” said Saeed Al Qatami, chief executive officer, as Gulf News stated.
Deyaar also said it delivered one more project in the UAE in the first quarter.