Oct 30 2011 |
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MARKET TALK: CS Expects Emaar To Do Better In 4Q11
Sunday, Oct 30, 2011
0454 GMT [Zawya Dow Jones]--Credit Suisse expects Emaar Properties to post stronger fourth quarter results than those seen in 3Q11 due to more deliveries coming online and better performance from its hotel businesses. "We believe these (3Q) results support our positive investment case for Emaar and expect Q4 results to be stronger on the back of higher property delivery and better seasonal performance for Emaar's hotels," Credit Suisse says in a note. Emaar posted Thursday a 34% drop in third quarter net profit to AED406 million. "Revenue and net profit dropped 33% and 34% year-on-year on the back of expected lower units' delivery as the company delivered the bulk of units in Burj Khalifa project last year and delivery of units in international has yet to filter through strongly, with delivery in Saudi and Egypt expected to hit Q4 this year," CS notes.
(tahani.karrar@dowjones.com)
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
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