Emaar’s profits less than expected

13 Feb 2011

(MENAFN) The Chairman of Emaar Properties, Mohamed Alabbar, said that the company, after booking USD113.5 million in provisions for the fourth quarter of 2010, reported that profits were less than forecasted, reported The National.

Alabbar said that Emar, the largest developer in the region, witnessed a 62 percent decrease to USD74.6 million in the fourth quarter profits of 2010, compared with the same period in 2009.

The Chairman said that the company had previously decided to double its provisions after two partly owned companies wrote down the value of their assets.

It is worth noting that Emaar is considered one of the leading property developers in the UAE as it receives strong persistent revenues from retail, hotels and malls.

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