Deyaar Development, Dubai’s second largest developer by market value, swung to a small profit in 2011, it said in a statement to the Dubai bourse on Sunday.
Deyaar made a net profit of Dh37.7 million ($10.3m) last year, compared to a net loss of Dh2.87 billion in 2010.
The company also posted improved fourth-quarter results, according to Reuters calculations, but remained in a loss.
Deyaar made a Dh7.3m net loss in the fourth quarter of 2011, according to Reuters calculations, compared with a net loss of Dh1.77bn during prior-year period.
The developer’s results for both periods in 2010 were hit by large writedowns.
Chief Executive Saeed Al Qatami attributed the full-year profit to the company's “strong core operations despite challenging market conditions.”
“The company will continue with its focus on completing the projects in the pipeline, growing the existing sources of sustainable income and exploring new business opportunities,” Al Qatami said.
Deyaar’s shares are 6.1 per cent up since the beginning of the year.
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