Deyaar Development (Deyaar) reported its 2Q16 financial results. Revenue was AED74.7mn (-6.6% Y-o-Y), gross profit was AED32.3mn (-27.9% Y-o-Y), translating into a gross profit margin of 43.2% (-12.6pps Y-o-Y). Net income was AED60.3mn (-17.8% Y-o-Y). 2Q15 carried AED69.1mn in gains from the write back of provision for impairments against advances for the purchase of properties (against SAR6.1mn only in 2Q16) and this was partially compensated for by AED32.5mn in revaluation gains on its investment properties in 2Q16 (1Q15: AED1mn in revaluation loss) and AED25.1mn mainly from reversal of provisions/losses against legal claims. 1H16 revenue was AED135.0mn (+16.1% Y-o-Y), gross profit was AED61.9mn (-15.0% Y-o-Y), translating into a gross profit margin of 45.9% (-16.8pps Y-o-Y). Net income was AED111.4mn (-15.5% Y-o-Y). Property revenue from Deyaar’s landmark projects, including Mont Rose and The Atria, remained healthy, according to management, posting AED79mn in 1H16 (1H15: AED63mn). (Company disclosure)