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DUBAI: Dubai developer Deyaar on Wednesday reported a sharp fall in third-quarter profit due to higher operating costs, despite recording higher revenue during the period.
Three-month profit to September declined 41 percent to Dh33.3 million from Dh56.49 million a year ago, while revenue rose 54.7 percent to Dh195.32 million from Dh126.25 million of the same period last year.
Deyaar’s direct operating costs went up 44.46 percent to Dh120.72 million from Dh83.56 million in the third quarter.
For the nine-month period, the Dubai-listed company said that revenue almost doubled to Dh511.8 million from Dh261.21 million a year ago.
The increase was due to robust sales and acceleration of progress in the construction of the company’s flagship projects including The Atria and Mont Rose, both of which currently exceed 80 percent completion, Deyaar said in a statement to the Dubai Financial Market.
“Over the past nine months of 2017, Deyaar has made major headway in three of our flagship projects while focusing on expansions within the hospitality segment to further grow our portfolio,” Saeed Al-Qatami, chief executive of Deyaar, said in a statement.
“With the significant progress on our developments, Deyaar is witnessing a new cycle of growth that aligns perfectly with our long- term strategic plan driven by UAE Vision 2021.”
Year-to-date profit however was however 40 percent lower to Dh100 million, from Dh167 million, which the company noted that “net profit for the same period in 2016 included a write-back of provision for impairment of investment in an associate and fair valuation gain on investment properties.”