16.08.2010 - Dubai property company woes continue
From Kippreport.com: Second-quarter earnings from Dubai-based property and construction companies fell short of expectations, in a sign the battered sectorís problems have further to run.Dubaiís second-largest property developer by market value Deyaar reported its third consecutive quarterly loss on Thursday, while Union swung to a loss. Contractor Drake & Scullís 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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