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| Emaar records 1H revenue of AED 3,486 million (US$ 949 million) Dubai-based Emaar Properties focused on project delivery and business consolidation in the first half of 2009, achieving half-year revenue of AED 3,486 million (US$ 949 million) and half-year net operating profit of AED 679 million (US$ 185 million). Revenue for the second-quarter of the year recorded an increase of 25 percent to AED 1,940 million (US$ 528 million) over first-quarter 2009 revenue of AED 1,546 million (US$ 421 million). Net operating profit for the second-quarter also gained significantly at AED 442 million (US$ 120 million) over first-quarter net profit of AED 237 million (US$ 65 million). The increase in revenue and profitability in the second quarter of 2009 can be attributed to higher unit deliveries and increased sales of completed units as compared to first quarter. The lower revenue and net operating profit over half-year 2008 figures of AED 8,126 million (US$ 2,212 million) and AED 3,011 million (US$ 820 million), respectively are attributed to the overall economic slowdown following the global economic crisis, and Emaar's new revenue recognition policy based on completed contract method. write your comments about the article :: © 2009 Construction News :: home page |