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Real Estate Briefing - Categorized | Developers, Performance more

Dubai property company woes continue

Posted on 16 August 2010

From Kippreport.com: Second-quarter earnings from Dubai-based property and construction companies fell short of expectations, in a sign the battered sector’s problems have further to run.Dubai’s second-largest property developer by market value Deyaar reported its third consecutive quarterly loss on Thursday, while Union swung to a loss. Contractor Drake & Scull’s profit almost halved.

Deyaar made a loss of 243 million dirhams ($66 million) in the three months to end-June, compared with 76.4 million dirhams a year ago. EFG-Hermes forecast a net profit of 19 million dirhams for the quarter…………………………………….Full Article: Source


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