DUBAI - Giant Dubai developer Emaar Properties posted net profits of 3.034 billion dirhams ($826 million) for 2010, up 31% on 2009, it said on Thursday, though fourth-quarter profits fell compared to 2009.
"Emaar Properties PJSC recorded a net operating profit of 3.034 billion dirhams ($826 million), 31 per cent higher than the net operating profit of 2.324 billion dirhams ($633 million) recorded in 2009," Emaar said in a statement on its website.
Emaar said that its "shopping malls and retail and hospitality subsidiaries contributed significantly," accounting for 24 percent of its 12.15 billion dirhams ($3.308 billion) in revenue for the year.
But while its yearly net profits were up, it posted fourth-quarter net profits of 691 million dirhams ($188 million), a decrease of 25% from 923 million dirhams ($251 million) of net profits in the fourth quarter of 2009.
A major developer throughout Dubai's five-year real estate frenzy, Emaar has succeeded in diversifying its business, focusing on hospitality and retail, while it spread its real estate business activities abroad.
The listed firm, which is partly owned by the Dubai government, owns Dubai Mall.
It also partnered with Italian designer Giorgio Armani to strengthen its presence in hospitality, opening the first Armani hotel in Burj Khalifa earlier this year.
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Source: AFP
Publisher: I-Net Bridge
Source: I-Net Bridge
