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FINANCIAL NEWS
UAE’s Emaar posts 161% increase in Q4 profit
15 Feb 2012
(MENAFN) Emaar Properties said that profit in the fourth quarter soared 161 percent from 2010’s same period of USD74.58 million to USD194.89 million, reported Emirates 24/7.
The developer added that the increase resulted from a notable 78 percent decline in provisions and impairments, to reach USD25.04 million from USD113.50 million in the same period a year earlier.
On the other hand, it said that net profit for 2011 fell 27 percent from 2010’s USD666 million to USD488 million due to lower revenues, which dropped 33 percent to USD2.20 billion from USD3.30 billion a year earlier.
It is worth noting that Emaar’s net operating profit for 2011 totaled USD560 million.
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