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Emaar says '08 profit growth to stagnate
- United Arab Emirates: Tuesday, January 29 - 2008 at 07:20
EFG-Hermes cut its fair value target for Emaar Properties on Monday after the Dubai-based developer said profit growth this year would stagnate due to higher construction costs for its malls and hotels, reported Reuters. The Egyptian bank lowered its long-term target for Emaar shares to Dhs18.50 ($5.04) each from Dhs20.04, and its earnings-per-share outlook to Dhs1.23 from Dh1.63 following a conference call with Emaar officials. Shares in Emaar dropped almost six per cent on Monday to Dhs12.30.
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Jeff Florian, Senior ReporterTuesday, January 29 - 2008 at 07:20 UAE local time (GMT+4)
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