Dubai's Emaar Q4 falls 28% on higher costs, expenses

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Emaar Properties, Dubai's largest real estate developer, said fourth quarter profit fell 28 percent on the back of increased costs.

The company said in a regulatory filing to the Dubai Financial Market that net income in the last quarter of 2012 decreased to AED512m (US$139m) from AED716m in the same period a year earlier, the company said. Revenue in the period climbed 20 percent to AED2.7bn.

The developer of Burj Khalifa, the world's tallest building, said full-year profits increased 18 percent to AED2.1bn (US$577m) from AED1.8bn in 2011.

“With Dubai restating its credentials as a global business and tourism hub, Emaar capitalised on the city's resurgence by investing in creating prime real estate assets and strengthening our shopping malls and hospitality business," chairman Mohamed Alabbar said.

Dubai's stock market has increased to a 34-month high on the back of the country's property market rebounding after a corporate debt crisis in 2008 and ensuing property market collapse.

The economy of the UAE, the second largest in the Arab world, grew about 4 percent last year down from about 5.2 percent in 2011, according to International Monetary Fund estimates.

Related:

Market Performance

Emaar Properties - UAE
9.7
0.18 1.89 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Mall talk

Mall talk

Plans for Dubai’s Mall of the World have made headlines all over...

1
Tenants become investors as Abu Dhabi engineers property rebound

Tenants become investors as Abu Dhabi engineers property rebound

Abu Dhabi's real estate market has paled next to Dubai, its more...

Time to invest?

Time to invest?

Foreign investors are seeing Qatar as an ideal place to purchase...

1
Most Discussed