Dubai-based developer Deyaar on Wednesday reported a net profit of AED78.47 million ($21.36 million) for the third quarter of 2014, up 94 percent compared to the same period last year.
Aided by robust property sales booking and property delivery, net profit for the first nine months of the year rose 122 percent to AED193.04 million, the company said in a statement, adding that total assets were AED6.1 billion.
Deyaar, the second-largest development company listed with the Dubai Financial Market, recently concluded the sale of residential units in tower-1 of the Montrose project, with the majority of units sold. The project comprises three towers - a hotel apartment tower and two residential towers.
Deyaar Development last month unveiled the masterplan of its upscale AED3.5 billion ($952 million) 'Midtown by Deyaar' project which will include a total of 27 buildings.
Aided by robust property sales booking and property delivery, net profit for the first nine months of the year rose 122 percent to AED193.04 million, the company said in a statement, adding that total assets were AED6.1 billion.
Deyaar, the second-largest development company listed with the Dubai Financial Market, recently concluded the sale of residential units in tower-1 of the Montrose project, with the majority of units sold. The project comprises three towers - a hotel apartment tower and two residential towers.
Deyaar Development last month unveiled the masterplan of its upscale AED3.5 billion ($952 million) 'Midtown by Deyaar' project which will include a total of 27 buildings.
Source:
Mubasher
