Dubai – Mubasher: Deyaar Development has witnessed net profits of AED 2.59 million during the first three months of 2020, down from net profits of AED 18.26 million in the same period of 2019.

The company's revenues reached AED 98.79 million in the first quarter (Q1) of 2020, compared to AED 175.842 million in the corresponding period of 2019, according to the company's interim financial results for the period ended on 31 March 2020.

The company achieved the net profits and revenues after registering a precautionary provision for impairment of AED 10 million for some investment properties.

The earnings per share (EPS) stood at 0.04 fils in Q1-2020, compared with 0.32 fils in the year-ago period.

The CEO of Deyaar, Saeed Al Qatami, said: "The beginning of 2020 has brought with it unprecedented pandemic that had its impact around the world, but the UAE government has taken various and strong measures to minimize that impact on the health and safety of the residents as well as the economy."

The company's accumulated losses reached AED 1.53 billion by the end of Q1-20.