Reuters: Market Data

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Saturday, October 24, 2009

Dubai's Emaar returns to profit in Q3

source AFP

DUBAI — Dubai property giant Emaar said on Thursday it returned to profit in the third quarter, earning 655 million dirhams (178 million dollars) after tax, following a 1.285 billion dirham (350 million dollar) loss in the three months to June.

The second-quarter loss resulted from the company writing off the full 1.727 billion dirham value of its US-based John Laing Homes unit, which filed for bankruptcy earlier this year.

However, the company posted a second-quarter profit from continuing operations of 442 million dirhams.

Meanwhile, the third-quarter net profit of 655 million dirhams compared with a year-earlier loss of 417 million, after a write-off 845 million dirhams in assets.

Revenues in the third quarter rose 12 percent to 1.948 billion dirhams from 1.747 billion a year earlier.

Dubai's real estate sector has been severely hit by the global financial crisis that brought its five-years of growth to a sudden halt.

Emaar, which is partly owned by the government and is developer of the world's tallest tower, Burj Dubai, pioneered the real estate boom in the emirate.

Emaar chairman Mohamed Alabbar said "today, there are clear signals of real estate prices gaining momentum in premium areas ... Our approach of developing integrated neighbourhoods has also succeeded in creating new growth engines that contribute to the overall growth of Dubai."

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