Emaar nets $56 million profit for 1Q 2004
Emaar Properties posted a record net profit of 208 million Emirati dirhams ($56 million) for the first quarter of 2004, a 22 percent rise over the Dh 171 million for the equivalent period of 2003.
The company also reported a 118 percent rise in revenues to Dh 1.118 billion during the first quarter of 2004 compared to Dh 513 million during the same period last year. Annualized Earnings Per Share (EPS) for the period reached Dh 3.12 compared to Dh 2.76 for the first quarter of 2003.
The company announced record annual profits of Dh 676 million for the year 2003, compared to Dh 517 million during 2002. Emaar Properties is a Public Joint Stock Company listed on the Dubai Financial Market. With an asset base of $7.7 billion including the land bank, the company has several major real estate projects under various stages of development. — (menareport.com)
© 2004 Mena Report (www.menareport.com)