Emaar Properties, the biggest developer in the UAE, reported a fourth-quarter profit that was lower than analysts estimated on writedowns related to troubled lenders Amlak Finance and Dubai Bank.
Net income declined 62% to AED274 million (US$75 million) from AED720 million a year earlier, the company said in a statement. The average estimate of six analysts in a Bloomberg survey was for a profit of AED662.5 million. Impairments and provisions more than doubled to AED417 million.
Emaar, which owns a 45% stake in Islamic mortgage provider Amlak, has outstanding loans of AED772.6 million 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.
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