Dubai – Mubasher: Deyaar Development on Sunday reported a 37.3% year-on-year decline in its profits for the first three months of 2017.
Net profit amounted to AED 32 million ($8.71 million) in Q1-17, down from AED 51.03 million ($13.89 million) in the same period in 2016, according to a statement.
Real estate development revenues more than doubled to AED 142 million in the first three months of the year, from AED 60 million in Q1-16.
The Dubai-listed developer last reported AED 216.15 million in profits in the full year 2016, down 25.8% from AED 291.35 million in 2015.
Deyaar’s stock closed Sunday’s session in the red, shedding 0.9% to AED 0.535, after 4.97 million shares were traded at a turnover of AED 2.68 million.
