Dubai – Mubasher: Deyaar Development on Thursday disclosed its financial results for the first half of 2017, logging a 42% year-on-year decline in profits in the second quarter of 2017.

The Dubai-based developer’s profits fell to AED 35.17 million ($9.57 million) in Q2-17 from AED 60.33 million ($16.42 million) in the year-ago period, Deyaar said in a statement.

The profit fall was attributed to an increase in operating costs by 173% to AED 115.95 million added to a 5% rise in general and administrative expenses to AED 32.61 million.

At the level of the first six months of 2017, Deyaar logged AED 111.36 million in profits, registering a year-on-year drop of 40%, according to the bourse filing.

Deyaar, however, posted a 135% rise in revenues to AED 316.4 million in H1-17 compared to AED 134.9 million in the same period in 2016.

“The rise was driven by sales of its properties and construction progress The Atria and Mont Rose projects, both of which currently exceed 75% completion,” Deyaar stated.

The Dubai-listed real estate developer previously said it achieved a profit of AED 32 million in Q1-17, down 37.3% from AED 51.03 million in the same period last year.

Deyaar’s stock closed Thursday in the green, rising 3.04% to AED 0.54 after 27.47 million shares changed hands at a turnover of AED 14.8 million.