Emaar Properties announces 15% profit in 2008
20 October 2008
Property giant from the United Arab Emirates, Emaar Properties, has announced clear profits, for the first nine months of 2008, of Dh 5.57 billion (EUR 1.12 billion), 15% more than in the same period in the previous year.
Despite the positive figure, the economic daily Emirates Business underlines that net income in the quarter July-September fell by 3%.
On the Dubai Financial Market, Emaar, which has projects in 18 countries for a value of around 75 billion euro, has been hit hard in the past two weeks by the financial turmoil.
"Now Emaar should come forward and indicate the date of reacquisition of its own shares" commented analyst Wadah Al Taha, concluding that this way "confidence of investors and the market would get boosted".