(Bloomberg) -- Emaar Properties PJSC, the developer of the world's tallest tower in Dubai, reported a 29 percent plunge in third-quarter profit.
That's the company's lowest profit it in 11 quarters, according to data compiled by Bloomberg.
Key Insights- Emaar joins other Dubai developers in reporting a decline in profit.
- Dubai's real estate market, one of the main economic drivers of the United Arab Emirates, has been hard hit by the oil-price slump in 2014. Anxiety about the outlook for the property industry has weighed on real estate stocks amid concerns of oversupply.
- Emaar and Abu Dhabi's Aldar Properties, the two largest property developers in the U.A.E. earlier this year joined forces to pursue local and international real estate projects worth $8.2 billion
- Emaar has hired Standard Chartered to sell assets worth as much as $1.4 billion, people with knowledge of the matter said in July.
- The company spun off its development unit last year and listed it on the stock market.
- Emaar Devt Third-Quarter Profit Drops 33%; Revenue Misses Ests
- Emaar Devt Third-Quarter Profit Drops 33%; Revenue Misses Ests
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- For financial statement, click here.
Market Reaction
- Emaar Properties shares closed 1% lower before the results were announced.
- The shares of Emaar Properties, which has the biggest weighting on Dubai's benchmark stock index, have dropped 25 percent this year, compared with an 18 percent decline for the main gauge.
Read More
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- Looking for Cheap Property in Dubai? Check The Stock Market
- Falling Rents Show Diminished Faith in Expected Dubai Bounce
- A City Reaching for the Sky, Without the Help of Oil
To contact the reporter on this story: Shaji Mathew in Dubai at shajimathew@bloomberg.net
To contact the editor responsible for this story: Alaa Shahine at asalha@bloomberg.net
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