Emaar Properties, the largest developer in the Arab world, reported a 45 per cent fall in profits in the first quarter to $115 million on revenues down from $785 million to $540 million, underlining the challenges that remain in its local and regional markets.
First quarter results included some revenues from the handover of offices in Syria, a country where popular unrest is now destablizing business activity. The group also has a large project in Cairo where the government was overthrown in a revolution last month.
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