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FINANCIAL NEWS
UAE’s Emaar Properties Q3 net profit down 34% to USD110.5m
29 Oct 2011
(MENAFN) Emaar Properties said that due to the weak growth of Dubai’s property sector, net profit in the third quarter fell 34 percent to USD110.5 million compared with USD166.6 million in 2010’s same period, reported Arab News.
The company added that income from apartment sales during the quarter dropped by 85 percent, on the other hand, revenue grew to USD506 million due to the strong performance of the firm’s retail and leisure business.
The UAE’s largest developer by market value also said that during the quarter, it delivered 201 residential and commercial units, whereas in the January-September period, the company handed over 712 units.
It is worth noting that in 2011’s first nine months, recurring revenues from the hospitality and shopping malls businesses represented around 41 percent of Emaar’s total revenue.
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