Dubai – Mubasher: The interim financial results of Deyaar Development recorded a drop in net profits to AED 8.52 million in the first half (H1) of 2020, compared to AED 36.73 million in the corresponding half of 2019.

The company has generated revenues of AED 174.55 million in the January-June period of the current year, lower than AED 337.61 million in the same period of 2019.

The basic and diluted earnings per share (EPS) registered 0.15 fils in H1-20, compared to 0.64 fils in H1-19.

Meanwhile, the company incurred accumulated losses of AED 1.523 billion by the end of the second quarter (Q2) of 2020, accounting for 26.36% of the capital.

The CEO of Deyaar, Saeed Al Qatami, said: "The company continued the construction work on its existing projects, in addition to providing all property and facilities management services to our clients, as well as the handover of units to the new owners in Midtown project."

It is noteworthy to mention that in the first quarter (Q1) of 2020, the company's net profits declined to AED 2.59 million from net profits of AED 18.26 million in the same period of 2019.