Dubai developer Deyaar's profits jump on deliveries

DUBAI Tue Feb 4, 2014 9:08am EST

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DUBAI Feb 4 (Reuters) - Dubai property developer Deyaar reported a surge in its 2013 profit on Tuesday, as it benefited from completion of stalled projects and the handover of homes to customers.

Deyaar, one of the companies worst hit by Dubai's real estate market collapse of 2008-2010, made a net profit of 154.5 million dirhams ($42.1 million) last year compared with 38.6 million dirhams in 2012.

The company did not provide any fourth-quarter figures. But Reuters calculated, based on previous earnings statements, a quarterly net profit of 67.4 million dirhams against 5.5 million dirhams in the corresponding period of 2012.

One analyst at Naeem Holding had forecast the property firm would make a fourth-quarter net profit of 32 million dirhams. ($1 = 3.6730 UAE dirhams) (Reporting by Praveen Menon; Editing by Andrew Torchia)

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