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Deyaar Q2 profit up 3%, reduces costs
Aug 16, 2012
DUBAI - Deyaar Development posted a three per cent increase in second-quarter profit as it cut costs.
Net income rose to Dh18.63 million ($5 million) from Dh18.09 million a year earlier, the company said in a statement to the Dubai stock market on Wednesday. Revenue dropped to Dh143.5 million from Dh334.3 million, while direct costs declined to Dh83 million from Dh328 million. The shares closed 2.1 per cent lower at 36.5 fils in Dubai on Wednesday.
The stock has gained 71 per cent this year compared with a 17 per cent increase for the Dubai Financial Market General Index.