Dubai's Emaar Ppties 4Q Net Pft More Than Doubles On Intl Ops

Tuesday, Feb 14, 2012

DUBAI (Zawya Dow Jones)--Dubai-based Emaar Properties (EMAAR.DFM), the Middle East's largest home builder, said its fourth quarter net profit more-than doubled as income from international operations and revenue from its leisure and hospitality unit swelled.

Emaar, in a statement posted on the Dubai Financial Market website Tuesday, said net profit in the three months to Dec. 31 amounted to 716 million U.A.E. dirhams ($195 million), up sharply from AED274 million a year ago.

The company said that during 2011, revenue from its international operations almost doubled to AED1.81 billion, while income from its hospitality and leisure business grew by 22% over the same period.

Emaar is one of a number of local companies that has over the past couple of years sought to diversify its revenue stream away from a dependence on Dubai. The city-state's once thriving real estate sector has seen prices and rents slump since late 2008 when the global economic downturn first took hold and incoming supply remains substantial even despite numerous project cancellations and delays.

Emaar shares closed 1.4% higher at AED2.98 in a broadly positive overall market.

-By Tim Falconer, Dow Jones Newswires; +9714 446-1690; tim.falconer@dowjones.com

(END) Dow Jones Newswires

14-02-12 1037GMT