Emaar reports Q4 profit loss, net income falls 62%
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Emaar reports Q4 profit loss, net income falls 62%

Emaar reports Q4 profit loss, net income falls 62%

Emaar Properties has posted a 62% decline in net income during the fourth quarter, on writeoffs related to troubled lenders Amlak Finance and Dubai Bank, Bloomberg has reported. Net income fell to Dhs274m ($75m) from Dhs720m a year earlier. Emaar, which owns a 45% stake in Islamic mortgage provider Amlak, has outstanding loans of Dhs772.6m to the company, which was barred from trading in November 2008. Losses from the company's financial operations were partly offset by rising rental income from hotels and apartments. Revenue rose to Dhs3.8bn from Dhs2.98bn. Operating profit, which excludes the writedowns and provisions, saw little change from a year earlier at Dhs691m.

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