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FINANCIAL NEWS
Emaar profits decline 7% in Q3
28 Oct 2010
(MENAFN) Dubai developer Emaar Properties, builder of the world’s tallest tower, said that its third-quarter net profit fell 7 per cent hurt by higher revenue costs, missing average analysts forecasts, Gulf News reported.
Net profit in the three months to September 30 fell to $166.7 million, the developer said in a statement to Dubai’s bourse, down from $179 million in the third quarter of 2009.
Emaar said revenue for the quarter stood at $760 million, up 43 percent over the $530 million it reported in the year-ago period.
However, cost of revenues, the amount spent on manufacturing and delivering its product, more-than-doubled in the quarter to $478 million from $233 million in the previous year, hurting profits.
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