Deyaar makes profit but cash pile is reduced | ZAWYA MENA Edition:
Dubai-based Deyaar Development published its second quarter accounts on Monday which show that the developer continued to make a profit, but that its earnings continued to rely on one-off factors, such as writebacks against previously-made provisions for potential bad debts.
The company reported a 25.2 million United Arab Emirates dirham ($6.9 million) profit for the second quarter of 2018, a 28 percent decline on the 35.2 million dirham profit made in the same period a year ago. Revenue for the quarter also declined by 21 percent to 137.6 million dirhams, although it remained largely flat for the half-year at 314.1 million dirhams.
The company wrote back a 26.7 million dirham provision it had previously made against an investment in a joint venture during the period, and its cash flow statement showed a 102.7 million outflow for the six-month period, leaving it with a positive cash balance of 237.8 million.
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