Dubai realty firm drops on loss in Q4

By Haris Anwar | February 16, 2009, Monday |

Print Edition

EMAAR Properties PJSC dropped as much as 6.5 percent yesterday after the Dubai-based developer reported a fourth-quarter loss and put new real-estate projects on hold as it restricts the supply of new homes amid falling prices.

The largest real-estate developer in the United Arab Emirates on Thursday reported an unexpected loss for the fourth quarter because of writedowns at its United States unit and falling prices at home. The net loss was 1.77 billion dirhams (US$481 million) compared with a profit of 1.74 billion dirhams a year earlier.

"Emaar has shown a very dismal performance, and investors were not expecting losses of this magnitude," Vyas Jayabhanu, head of Al Dhafra Financial Brokerage LLC, said in a Bloomberg News interview yesterday from Abu Dhabi. "There should be some more selling pressure with stock bottoming out at around 1.5 dirhams."

The shares lost 10 fils, or 5 percent, to 1.9 dirhams in Dubai trading yesterday.

Real Estate

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Dubai realty firm drops on loss in Q4

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