Emaar's H1 profit slumps 35% as coronavirus further dents property market

Net profit fell to $547mln for the six months to June 30

  
The corporate logo of EMAAR is seen in Dubai, United Arab Emirates, December 28, 2018. Picture taken December 28, 2018. Image for illustrative purposes.

The corporate logo of EMAAR is seen in Dubai, United Arab Emirates, December 28, 2018. Picture taken December 28, 2018. Image for illustrative purposes.

REUTERS/ Hamad I Mohammed

DUBAI  - Emaar Properties, Dubai's biggest listed property company, posted a 35% drop in first half net profit, hit by the economic slowdown triggered by the coronavirus pandemic, which further dented the emirate's property market.

Net profit fell to 2.01 billion dirhams ($547 million) for the six months to June 30 from 3.11 billion a year earlier.

Revenue fell 22% to 9.03 billion dirhams.

Dubai homebuilders face further weakening of the property market as job losses and salary cuts curb local buyer demand for new properties and travel restrictions reduce international demand, rating agency Moody's said last month.

Emaar is behind many of Dubai's major developments, including mega shopping centre Dubai Mall and the surrounding residential area.

It is 29.2% owned by state investment fund Investment Corporation of Dubai.

($1 = 3.6728 UAE dirham)

(Reporting by Saeed Azhar; editing by Jason Neely) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))

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