Emaar Quarterly Profit Misses Estimates as Revenue Falls - Bloomberg

Emaar Quarterly Profit Misses Estimates as Revenue Falls - Bloomberg:



"Emaar Properties PJSC (EMAAR), Dubai’s biggest developer by market value, reported second-quarter profit that missed estimates as year-on-year revenue fell for the first time in seven quarters.



Net income rose 29 percent to 868 million dirhams ($236 million), or 13 fils a share, from 675 million dirhams, or 11 fils, a year earlier, the Dubai-based company said in a statement today. Analysts predicted earnings of 932 million dirhams, the average of five estimates compiled by Bloomberg.



Emaar is focusing on businesses that generate recurring revenue, such as hotels and malls, as it tries to cushion itself from any future shocks in the emirate’s property market. The developer, which plans to spin off its malls unit into a separate company, didn’t give a time line for the initial public offering after missing an original deadline in June."



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