Deyaar made a net profit of AED18.4 million ($5.01 million) according to Reuters calculations, compared with a loss of AED243 million in the same period last year.

The developer delivered five projects in the UAE in the first quarter and said it would deliver another two this year.

“The performance was the result of handing over of a small portion of the units of properties in the five projects completed at the end of first quarter,” it said in a statement on Dubai’s bourse.

Deyaar was also able to restructure its existing Islamic financing obligations with an extended repayment period and a substantial reduction in profit rates, it added.

The developer made a net profit of AED44.4 million in the first six months of the year, reversing a loss of AED344 million in the same period last year, it said in the statement.

The firm’s shares ended 4.8 percent higher at AED0.3 a share earlier on Wednesday. The earnings were released after the close of business on Dubai’s bourse.

Dubai’s property sector was hit hard by a property downturn, with billions of dollars worth of projects put on hold or canceled, while property prices slumped as much as 60 percent.

Dubai developer Emaar Properties last month saw its second quarter net profit slump 60 percent.