Property firm Deyaar on Wednesday posted a surge in third-quarter net profit as it halved costs to make up for a drop in revenue.
The emirate's second largest developer by market value made a third-quarter net profit of 5.1 million dirhams ($1.4 million), compared with 0.7 million dirhams made during the same period in 2011, it said in a statement on the Dubai bourse.
However, revenue for the quarter fell to 137.4 million dirhams from 184.4 million dirhams in the prior-year period. The company halved its direct costs in the quarter to 92.1 million dirhams from 180.6 million dirhams a year earlier.
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