Dubai's Deyaar Development fourth-quarter profit fell 43 per cent, Reuters calculated based on major shareholder Dubai Islamic Bank's financial statement that was published on Sunday.
Deyaar, one of the companies worst hit by Dubai's property market collapse in 2009-2011, made a quarterly profit of Dh38.7 million in the three months to December 31, according to Reuters calculations.
This compares with a profit of Dh67.4m in the corresponding period of 2013, Reuters data shows.
Sico Bahrain forecast Deyaar’s quarterly profit would be Dh12.9m.
The company’s 2014 annual profit was Dh231.7m, up from Dh154.5m in 2013, according to DIB’s financial statement. The bank owns a 45 per cent stake in Deyaar.
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