Funeral prayers for Nasser Mohammed Yousef Al Balushi and Abdul Aziz Saeed Sabt Al Tunaiji were held at Ajman mosque
In its fourth quarter preview on UAE real estate, Credit Suisse said it is projecting higher earnings for Abu Dhabi-based Aldar Properties and Sorouh Real Estate but expects the opposite for
“We expect fourth quarter earnings for both Aldar and Sorouh to increase by 62 per cent and 13 per cent respectively compared to the third quarter. However, we expect earnings for Union Properties to decrease by 50 per cent and Emaar 43 per cent.” Credit Suisse said net profit for the fourth quarter of Emaar Properties, the region’s biggest property company, is expected to drop from the previous quarter to Dh855 million on slower revenue growth. Emaar posted a net profit of Dh1.51 billion in the third quarter of 2008.
Emaar’s full year profits should reach Dh5.7 billion, 13.3 per cent lower from 2007 earnings of Dh6.575 billion as the company took a Dh750-million goodwill writedown in the third quarter related to its
Emaar’s revenue growth for the full year is up 4 per cent compared to 2007’s revenue surge of 25.4 per cent, said Credit Suisse.
Union Properties on the other hand, is expected to post net profits of Dh121 million in the fourth quarter, a 50 per cent drop from third quarter earnings as a result of lower gain on revaluation of investment properties.
Credit Suisse said, however, that about 40 per cent of Aldar’s full year earnings is coming from a gain of revaluation of investment priorities, “which we expect to decrease in first quarter of 2009.”
Credit Suisse expects second-ranked Sorouh’s fourth quarter net income to surge 13 per cent from the previous quarter and 113 per cent from a year ago to Dh2.7 billion, driven by strong land sales in Shams Abu Dhabi.
· rocel@khaleejtimes.com
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