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Emaar suffers Setback in Profits
| October 19, 2008 |  (Be the first to rate this story!) Loading ... |
Emaar suffers Setback in ProfitsThe Middle East’s largest real-estate developer by market value and a prominent name in the Indian Real Estate sector, Emaar Properties PJSC recorded a third-quarter profit fall of 3.3 percent as revenue declined. Net income dropped to 1.51 billion dirhams ($411 million), or 0.25 dirham a share, from 1.56 billion dirhams, or 0.26 dirham, a year earlier, Emaar said today. That compares with Citigroup Inc.’s estimate of 1.64 billion dirhams.
“Barring write-downs, Emaar earnings are pretty impressive,'’ Robert Mckinnon, managing director of equity research at Al Mal Capital PSC, said today in a phone interview from Dubai. “Going forward it’ll be a tough operating environment for real-estate companies although Emaar may weather it by enhancing its recurring revenue in Dubai.'’
The global credit crisis, which helped push the Dubai Financial Market Real-Estate Index down 29 percent in the third quarter, may end the emirate’s six-year property boom, according to Morgan Stanley. That has encouraged Emaar to become less dependent on the Middle East by developing real estate in countries such as India, Egypt and Morocco.
News Published Under: Real Estate Developers |
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