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FINANCIAL NEWS
Emaar Q1 apartment sales down 81%, villa sales 50%
16 May 2011
(MENAFN) Emaar properties PJSC (EMAAR) said that due to weak property demand, first quarter revenue at the United Arab Emirates’ biggest developer by market value dropped eighty one percent from apartment sales and fifty percent from villa sales, reported Bloomberg.
The company added that income from apartment sales declined to USD102 million and from villas to USD16.3 million, whereas overall revenue slipped thirty one percent reaching USD538 million and profit down forty five percent.
It also said the company’s sales of commercial units and land plots increased reaching USD191.6 million, while revenue from the hospitality business advanced 41 percent to USD91.4 million; in addition, rental income from leased properties like shopping malls went up 8.5 percent to USD138 million.
It is worth noting that as speculative demand decreased and banks tightened lending since mid 2008, the company was affected by a more than sixty percent fall in property prices in its home market , adding that in the first quarter, Emaar’s sales in the United Arab Emirates contributed 79 percent of revenue compared with 96 percent in 2010.
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