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FINANCIAL NEWS
Dubai’s Emaar reports 27% decline in 2011 profits
25 Mar 2012
(MENAFN) Dubai-based devolper giant Emaar Properties 85 percent decline in apartment sales last year, while villa sales went the same percentage up, Bloomberg reported.
The developer said in a statement on Dubai’s stock market website that revenue from apartment sales plunged to USD303 million from USD2.06 billion a year earlier.
It also reported USD261.03 million revenues from villa sales last year, up from USDUSD140.8 million a year earlier. Emaar posted a 27 percent decline in full-year profit.
Emaar like other UAE developers was hit by a more than 60 percent slump in Dubai property prices from their peak in 2008 as speculative demand waned and banks tightened lending.
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