Aldar Q4 Earnings Seen Higher

DUBAI - Fourth-quarter earnings for Sorouh Real Estate and Aldar Properties are likely to rise from the previous quarter, Credit Suisse said.

By (Reuters)

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Published: Thu 22 Jan 2009, 1:17 AM

Last updated: Thu 2 Apr 2015, 4:30 AM

Sorouh is expected to post a 13 per cent rise compared to the third quarter on previous land sales, while Aldar Properties profit is expected to jump 62 per cent in the same period, according to the report released on Monday.

In Dubai, earnings for Dubai’s Union Properties and Emaar Properties are expected to fall by 50 per cent and 43 per cent respectively in the same period, it said. The bank expects Sorouh to record a net profit of Dh2.7 billion ($735.1 million), up 113 per cent year-on-year and a net margin of 57.5 per cent due to high margin land sales in 2008, it said.

Aldar’s net profit for the fourth quarter is expected to climb to Dh1.2 billion, while 40 per cent of its expected Dh4.6 billion profit for the full year is coming from a gain on revaluation of investment properties, which the bank expects to decrease in the first quarter of 2009.

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