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Emaar net profit up 4%

Emaar net profit up 4%
PTI
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First Published: Thu, Oct 18 2007. 06 44 AM IST
Updated: Fri, Oct 19 2007. 12 06 PM IST
Dubai: The United Arab Emirates-based property major Emaar Properties PJSC., which has substantial Indian projects, has announced revenue and net profits of $3.413 billion (about Rs13,480 crore) and $1.317 billion, respectively, for the first nine months of 2007.
The respective figures are 48% more than the revenue of $2.303 billion and 4% higher than the net profit of $1.268 billion for the same period in 2006, it said on Wednesday. “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, the company chairman.
With sales of residences robust in India and other countries, Emaar continued its diversification initiatives into health care, education, finance, malls and hospitality and leisure. In India, Emaar MGF Land Ltd, its joint venture, has signed an agreement with the Uttarakhand government to design, construct and operate/manage a five-star hotel and convention centre in Dehradun. It has also filed a draft red herring prospectus with Sebi to sell 10% to the public through an IPO.
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First Published: Thu, Oct 18 2007. 06 44 AM IST