Emaar Properties PJSC, one of the world's leading property developers, recorded net profits of AED1.655 billion ($0.451 billion) in the first quarter of 2008, similar levels to profits earned in the first and the last quarters of 2007, the company said in a statement on Wednesday. Driven by robust sales in its home market, Emaar's revenues reached AED3.961 billion ($1.078 billion) in the first quarter of 2008. Revenue in the first quarter of 2007 reached AED3.969 billion ($1.081 billion) in spite of significantly lower land sales in 2008. The decline in revenue in the first quarter of 2008 as compared to the revenue of AED5.141 billion ($1.4 billion) in the fourth quarter of last year is due to decreased revenue from John Laing Homes by AED1.2 billion ($0.327 billion), which is due to cyclical delivery pattern at the US subsidiary. The fourth quarter 2007 also included income from land sales from our associates in Morocco and India. Annualized Earnings per Share (EPS) for the first quarter of 2008 is AED1.08, which is same as actual EPS of AED1.08 for the year 2007. Mohamed Ali Alabbar, CHAIRMAN, Emaar Properties, said: “Despite operating in an extremely challenging global economic environment, Emaar Properties continued to add value to our stakeholders through our focus on geographic expansion and business segmentation. Emaar's farsighted approach of investing in dynamic emerging markets and our ongoing commitment to creating trend-setting neighbourhoods in Dubai were among the prime drivers of our value creation for our shareholders.” He added: “The momentum to the fast growth in the real estate market is maintained with the timely introduction of significant initiatives by the Dubai Government, under the guidance of His Highness Sheikh Mohammed Bin Rashid Al-Maktoum, vice president and prime minister of the UAE, and Ruler of Dubai. In particular, the introduction of escrow accounts, regulated by the Real Estate Regulatory Agency, a government entity operating under the umbrella of the Dubai Land Department, has further increased investor confidence in this high-growth market. Emaar's focus in the first quarter of 2008 was on consolidating its international operations, as well as on unveiling additional premium residential and commercial property in Dubai to meet growing demand. During the period, customer response to the sale of new apartments in Downtown Burj Dubai was overwhelming. Alabbar said “downtown Burj Dubai, our AED73 billion ($20 billion) flagship project, has evolved to become the region's most compelling new lifestyle destination. Three hotels and a shopping mall complement the thriving residential communities in this new neighborhood, which is anchored by Burj Dubai, already the world's tallest structure. The Dubai Mall, one of the world's largest shopping and entertainment destinations, continues to prove a magnet for global investors, and is scheduled for opening on Aug. 28, 2008.” During the first quarter of 2008, the company had record sales of AED5.6 billion ($1.525 billion) in UAE, which is an increase of 20 percent as compared to sales recorded in the fourth quarter of 2007 of AED4.681 billion ($1.274 billion). The investment in resources for hospitality, malls and international businesses continue as Emaar targets to open The Dubai Mall, Dubai Marina Mall and three five star hotels in the third and fourth quarters of 2008. Emaar strengthened its global operations with the signing of strategic partnerships earlier this year. Emaar became one of the first property developers from the region to expand into China by signing a joint venture agreement with ShanghaiChina-News Enterprise Development Limited, a Chinese government entity and subsidiary of the People's Daily Shanghai branch. Emaar signed a joint venture with the Bali Tourism Development Corporation to develop the Lombok mega-tourism and residential project in Indonesia. In addition, Emaar Turkey expanded its land bank with the purchase of 73,571 square meters of prime land in the Mediterranean nation in a purchase protocol valued at $400 million. __
