DUBAI: The UAE-based Emaar Properties said it has reported 98 per cent jump in net profit to 327 million dirhams (USD 89.02 million) last year. Emaar also stated that it will focus on middle-income housing in emerging markets, including India, Egypt and Pakistan this year. The company recorded a profit of 165 million dirhams (USD 44.9 million) in 2008. The company's fourth quarter net profit stood at 923 million dirhams (USD 251.2 million), 41 per cent higher than the third quarter 655 million dirhams (USD 178.3 million), it said in a statement. Emaar's total revenue, however, declined 21 per cent to 8.41 billion dirhams (USD 2.29 billion) in 2009 from 10.71 billion dirhams (USD 2.91 billion) in 2008. The net profit for the full-year also fell by 45 per cent from 2008.
Revenue for the last three-months of 2009 was 53 per cent higher than the third quarter of 2009 and 94 per cent higher than the fourth quarter of 2008. Emaar Chairman Mohammad Al Abbar, said the company will focus on completion of the existing projects across the global markets.
"The crowning achievement, in our track record of successful project management and delivery, is the inauguration of the Burj Khalifa ( the world's tallest tower)," he said.
Total expenditure stood at 4.31 billion dirhams (USD 1.17 billion) in 2009, 21 per cent less from 5.48 billion dirhams (USD 1.49 billion) in 2008. Losses from discontinued operations and impairment of assets declined by 55 per cent. Although, the profitability levels were maintained for the core businesses, the company's net profit fell due to provisions made by its financial subsidiaries, Amlak Finance and Dubai Bank towards their loans and advances portfolio, statement said. The company delivered around 3,100 units last year, lower than the 4,900 delivered in 2008.
Ground reality: A weekly round-up of some big-ticket city deals [12 feb 2010, The Economic Times]
MUMBAI :A high residential apartment spread across an area of 3,780 square feet in an upcoming landmark building at Altmount Road in South-central Mumbai, was sold at a total cost of Rs 1,80,00,000. The location is one of the most highly sought-after destinations and is home to many prominent social and corporate personalities in the city. The location commands a premium due to factors such as the high quality of construction, distinguished neighbourhood, adequate social infrastructure including, film and entertainment, education and healthcare.
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