Breaking news: The largest developer in the Middle East announced first quarter profits of Dh421 million (US$115m).
Emaar profit falls as property handovers decline sharply
Emaar Properties, the largest developer in the UAE, announced net profits of Dh421 million (US$115m) for the first three months of the year, down 45 per cent from the same period last year.
The company saw a dip in revenues due to a lower delivery of units and a greater loss from associated companies in the quarter. Emaar said it handed over 270 units in the Burj Khalifa and other projects, compared to more than 1,300 units in the first three months of 2010.
The company had revenues of Dh1.98 billion, compared with Dh2.88bn in the first quarter of 2010. Some of this was driven by the handover of offices in The Eighth Gate development in Syria, a country that is in the midst of growing turmoil.
Mohamed Alabbar, chairman of Emaar, said in a statement that the company would "explore growth opportunities in key emerging markets, where our emphasis will be to create dynamic socio-economic growth engines like Downtown Dubai that create jobs, support ancillary industries and meet lifestyle aspirations".
Dubai Mall saw 13.5 million visitors in the first quarter, its highest ever since opening in November 2008, Emaar said. The Address Hotels and Resorts, one of Emaar's hospitality brands, saw an average occupancy of 87 per cent in the period.