Dubai developer Deyaar in the black in Q3

Dubai developer Deyaar, the emirate's second largest developer by market value, eked out a small profit in the third quarter and reiterated it would hand over two towers by year end. Deyaar, badly hit by Dubai's property bust, had a profit of AED600,000 (about $163,345) in the quarter ended Sept 30. That compared with a loss of AED145m in the prior-year period. The developer did not provide quarterly results. It said it earned a net profit of AED45m in the first nine months of the year, compared to a loss of AED489m last year, according to a statement on Dubai's bourse website. Revenues for the nine months to September rose 54 percent to AED665m year-on-year, it said, adding it would deliver an office tower and residential tower in Dubai this year. Dubai's housing market will lose another 10 percent of its value before it starts to improve, possibly not until 2013, a Reuters poll in October showed. House prices and rents in the Gulf emirate have already plunged nearly 60 percent from their peak in 2008. Deyaar's shares closed 0.4 percent lower on Wednesday, in line with weakness on Dubai's bourse. It released results after market close. Rival Dubai developer Emaar Properties reported a 34 percent drop in third quarter net profit last month.