EFG-Hermes sees stronger H2 performance by Emaar

EFG-Hermes has upgraded Emaar to a 'neutral' from 'reduce' rating in the short-term, according to a report.

The investment bank cited Emaar’s better-than-expected second quarter results and its expected stronger performance in the second half, the Khaleej Times daily reported.

EFG-Hermes said that had it not been for the one-off write-down of AED1.697bn for its US subsidiary, JL Homes, Emaar would have reported a solid net profit of Dh413m, nearly three times higher than its own estimate of AED145m.