Dubai's second-largest property developer by market value Deyaar reported a first-quarter net loss of 100m dirhams ($27.2m) on the back of significant provisions.

Deyaar had achieved a net profit of 53.3m dirhams in the first quarter of 2009.

Gross revenue for the first three months reached 196m dirhams, while total equity stood at 6.65bn dirhams, the group said in a statement.