Dubai developer Deyaar has clocked a huge dip in its third-quarter net profit.

The company has reported 74% decline in its net profit which stood at Dh81.6 million in the period ended September 30.

The Emirate’s second-major developer by market value has informed that its revenue stood at Dh450 million whereas total assets stood at Dh11billion. 
 
The sources informed that Deyaar intends to twofold the size of its property portfolio over the upcoming five years.

Sources added that despite worldwide economic challenges, Deyaar continued to be profitable through the first nine months of the fiscal, maintaining a positive operational cash flow.

Deyaar functionaries stated in communiqué that the company is likely to remain profitable for the rest of the year, adding its third-three month period profit grew eight per cent from the second quarter of 2009.

As per reports of media, the company is eyeing overseas expansion for the rest of the year with the aim to expand its portfolio and take advantage of cheaper land prices.