Emaar Properties, Dubai's largest developer, reported a 69 per cent drop in profit for the second quarter as it took a Dh172 million writedown on its investment in Dubai Bank.
The company yesterday posted a profit of Dh250m (US$68m) for the quarter, compared with Dh802m for the same period last year. Total revenue for the quarter was Dh2.03 billion, a 23 per cent decrease on a year earlier.
Emaar's cash flow was aided by the continued delivery of apartments in Burj Khalifa, the world's tallest tower, and space in the Boulevard Plaza commercial project in downtown Dubai. Emaar also started delivering villas in the Umm Al Qawain Marina project.
But the company handed over only 244 units in the second quarter, compared with 612 in the second quarter last year, following Burj Khalifa's opening in January.
The Dh172m impairment on the stake in Dubai Bank was expected this year, according to analysts. The bank was taken over by the Government, which promised to inject cash into the Islamic lender.
Emaar owned a 30 per cent stake in the bank. The other 70 per cent was owned by the Dubai Banking Group, a division of Dubai Holding.
While the property business slowed in the second quarter, the company reported a 24 per cent increase in revenue from its rental and hospitality businesses compared with the same period last year.
The retail sector also exhibited strength, with visitors to Dubai Mall increasing to 26.2 million in the first half of this year compared with 23.7 million in the same period last year.
The rental and hospitality businesses now account for 41 per cent of the company's total revenue.
This "should provide a comfort base to investors", said Chet Riley, an analyst with Nomura Securities.
"They've started developing a relatively strong business model and that should help subsidise the development business."
Gross margins "increased significantly" in the first half of the year compared with last year, Emaar said.
Emaar was particularly hard hit by the downturn in the Dubai property market, with prices falling as much 50 per cent since 2008. The company has recently moved to diversify in other markets, including large master-planned developments in Egypt, Syria and Morocco.
But those projects have produced little revenue and several projects have stalled.
"The bulk of the [development] business going forward is tied up in overseas development," Mr Riley said. "By their own admission it has been problematic."
Earlier this year Emaar said it was establishing a "core management team" to develop a five-year "strategic action plan" for the company.
The focus is on "identifying and strengthening our operations by taking into account the current social, economic and political changes across all our key markets", Mohamed Alabbar, the chairman of Emaar, said yesterday.
"By repositioning the company with greater emphasis on its growth businesses and markets, Emaar is setting the pace for a successful 2011."
kbrass@thenational.ae
Company%20Profile
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Company%20Profile
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The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
COMPANY%20PROFILE
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Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
MATCH INFO
Delhi Daredevils 174-4 (20 ovs)
Mumbai Indians 163 (19.3 ovs)
Delhi won the match by 11 runs
COMPANY%20PROFILE
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Sun jukebox
Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)
This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.
Elvis Presley, Mystery Train (1955)
The B-side of Presley’s final single for Sun bops with a drummer-less groove.
Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)
Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.
Carl Perkins, Blue Suede Shoes (1956)
Within a month of Sun’s February release Elvis had his version out on RCA.
Roy Orbison, Ooby Dooby (1956)
An essential piece of irreverent juvenilia from Orbison.
Jerry Lee Lewis, Great Balls of Fire (1957)
Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.
Company%20Profile
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The%20specs
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COMPANY%20PROFILE
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The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
