Emaar’s Profit Jumps 255 Percent

DUBAI, 12 October 2005 — Dubai-based Emaar Properties said yesterday its net profit surged 255 percent to 3.69 billion dirhams ($1.01 billion) in the first nine months of 2005, versus the same period a year ago. The firm did not give figures for its third quarter results but Wadah Al-Taha, an analyst at National Bank of Abu Dhabi (NBAD), said Emaar net profit for the three months ended Sept. 30 was about 1.17 billion dirhams, down slightly from the first and second quarters of 2005. Emaar said revenue for the nine-month period grew 77 percent to 6.76 billion dirhams. Earnings per share were at 0.86 dirhams, versus 0.24 per share in the year-ago period, the company said in a statement.