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FINANCIAL NEWS
Dubai’s Emaar Properties reports USD105m profit in Q3
24 Oct 2012
(MENAFN) UAE’s top developer Emaar Properties said its quarterly profits dropped by 4.7 percent, as seasonal slowdown hit revenue, Reuters reported.
The company said it made USD105.34 million net profit during the third quarter, down from USD110.51 million a year earlier.
Emaar also reported USD435.5 million revenue in the July-September period, down from USD517.15 million a year ago.
Revenue from the hospitality and retail sectors tends to grow less strongly during the summer as hot weather deters inflows of tourists from some countries.
Chairman Mohamed Alabbar was upbeat on the property market’s status, as Dubai continues to recover from a real estate crash in 2009-2010.
Recurring revenue from hotels and retail businesses grew to USD789.33 million in the first nine months of 2012, Emaar said.
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