Dubai developer Deyaar Q4 net profit falls 52 per cent
Dubai’s Deyaar Development reported a 52.4 per cent fall in fourth-quarter net profit on Wednesday, according to Reuters calculations
* The company made a profit of AED48.3 million ($13.2m) in the three months to Dec. 31, based on Reuters calculations.
* This compares to a profit of AED101.5m in the corresponding period of 2015.
* The developer said it made AED216.1m for the full year 2016, compared with AED291.4m in 2015, according to a bourse statement.
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* Full-year revenue was AED428.3m , up from AED257.1m in 2015.
* The company said full-year revenue increased because of progress on its The Atria and Mont Rose projects. It did not give a reason for the net profit fall.
* Shares in Deyaar dropped 2.3 per cent to AED0.65.
* Stock has technical support at mid-January low of 0.63 dirham
* Dubai stock index rose 0.4 per cent