July 23, 2014 / 11:18 AM / in 3 years

Dubai developer Deyaar Q2 net profit more than doubles

DUBAI, July 23 (Reuters) - Dubai-based property developer Deyaar said on Wednesday its second-quarter net profit more than doubled, buoyed by the launch of its hotel apartment project.

Deyaar made a quarterly consolidated net profit of 62.5 million dirhams ($17 million) compared with 27.3 million dirhams in the corresponding period in 2013.

SICO Bahrain had estimated the company would make a first-quarter profit of 36.5 million dirhams.

In April, the developer launched sales of hotel apartments at its project “The Atria” in the Business Bay area, which neighbours the emirate’s most popular area of Downtown Dubai, housing the world’s largest tower Burj Khalifa.

$1 = 3.6728 United Arab Emirates Dirhams Reporting by Nadia Saleem; Editing by Olzhas Auyezov

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