Emaar reports profit in third quarter
Dubai property giant Emaar said on Thursday it returned to profit in the third quarter, earning Dh655 million ($178 million) after tax, following a Dh1.285 billion (Dh350 million) loss in the three months to June.
The second-quarter loss resulted from the company writing off the full Dh1.727 billion 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 Dh442 million.
Meanwhile, the third-quarter net profit of Dh655 million compared with a year-earlier loss of 417 million, after a write-off Dh845 million in assets.
Revenues in the third quarter rose 12 per cent to Dh1.948 billion from Dh1.747 billion a year earlier.
Dubai's real estate sector has been hit by the global financial crisis.
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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