Deyaar made a first-quarter profit of AED26 million ($7.08 million) compared with a loss of AED100 million during the same period in 2010, the company said in a statement.
Deyaar’s gross revenues reached AED85 million and its shareholder equity is AED4.4 billion.
Its total assets are worth AED8 billion, it said.
The developer delivered five projects in the UAE in the first quarter and said it would deliver another two this year.
The return to profit was down to a combination of profits being recognized on units handed over to customers and reduced provisions, the company’s chief executive said.
“The majority of profits from the projects completed during the first quarter are expected to be recognized during the following quarters,” said Saeed Al Qatami.
Deyaar made a huge 2010 loss of AED2.3 billion in 2010 on writedown of assets and impairments.
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.
