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Emaar Properties profits Dh4.83b

DUBAI — Emaar Properties has announced the revenue and net profits of Dh12.537 billion ($3.413 billion) and Dh4.839 billion ($1.317 billion) respectively for the first nine months of the year.

This is 48 per cent more than the revenue of Dh8.458 billion ($2.303 billion) and 4 per cent higher than the net profit of Dh4.658 billion ($1.268 billion) for the same period in 2006.

The 2007 Q3 revenue and net profits are Dh4.459 billion ($1.214 billion) and Dh1.560 billion ($0.425 billion) respectively. The third quarter revenues are 7 per cent higher than the second quarter 2007 revenue of Dh 4.174 billion ($1.136 billion) and 32 per cent more than the third quarter 2006 revenue of Dh3.379 billion ($0.920 billion). Net profits have been maintained at 2007 Q2 and 2006 Q3 levels. Although, the profitability of the Dubai operations has increased significantly in the first nine months of 2007 as compared to the similar period in 2006, it is marginally offset by the increased expenditure relating to sales launches in Egypt, Syria, Saudi Arabia, Turkey, Jordan and Morocco and ramping up of the organisation structure of various business segments (Malls, Hospitality & Leisure, Education and Healthcare), where significant assets are scheduled for completion in 2008. The profitability related to these expenses accrues in future period.

EPS for the first nine months of the year is Dh0.79 as compared to the actual EPS of Dh0.76 for the same period in 2006.

"The stable performance of Emaar during the third quarter of the year — a period marked by severe fiscal corrections globally — is testimony to the stable fundamentals that drive the company's growth," said Mohamed Ali Alabbar, Chairman, Emaar Properties.