Emaar profits down in 2010

Profits posted by Emaar for Q3 2010 fell 7% from 2009

Emaar’s net profits dropped to US $166.8 million in quarter three of this year, down 7% compared to the same period last year.

However, Emaar said revenues for the same period increased 43%, which the company claimed is proof of a “new phase of growth”.

The increase is credited to the handover of units in Burj Khalifa in the first half of 2010, according to reports by the Associated Foreign Press.

“Our strategic developments in shopping malls and hospitality are now yielding strong recurring revenues, which highlights our commitment to investing in the long term by adding value to our stakeholders,” Emaar chairman Mohamed Alabbar commented in a statement.

“The challenges of the global financial slowdown are behind us and we are entering a new phase of growth,” he added.

The government-owned company has increased the diversity of its interests, with its Saudi Arabian subsidiary Emaar Middle East recently signing two power infrastructure contracts with the Saudi Electricity Company.

The contracts will cover Jeddah Gate and Al Khobar Lakes, both situated in Dammam.

In reports, Emaar described the investor response as “overwhelming”, although the company refused to comment on the value of the contracts.

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