Deyaar Developmen, which put a quarter of its projects in Dubai on hold, reported a 69% decline in profit in the second quarter because of a slump in property prices in the emirate.
Net income fell to 75.4 million dirhams ($20.5m), the company said in an e-mailed statement today. That compares with a profit of 245 million dirhams a year earlier, according to Bloomberg data. Deyaar did not provide earnings per share.
'They were affected by the downturn and unable to sell units,' said Bobby Sarkar, an analyst at Al Mal Capital PSC in Dubai.