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Emaar sells Hampton unit
for Dh428.1m

Emaar, the region’s largest developer, incurred a loss of Dh38.5 million in the transaction of the Hamptons, which it bought in August 2006, the company said in a statement.

However, Emaar retains the right to operate Hamptons’ business, a property broker and real- estate services consultant, in the Middle East and
North Africa.

Emaar, which reported a profit of Dh801.9 million for the second quarter compared with a loss of Dh1.28 billion a year earlier, also incurred a loss of Dh14.1 million from the sale of its holding in Raffles Campus Pte. Ltd., a company that owns and manages an education business in Singapore, Vietnam and Hong Kong, said the statement.

Emaar also sold a commercial property in the quarter for Dh331.7 million, the company said in the statement, without identifying the building or the buyer. Following the announcement, Dubai shares advanced the most in almost two weeks.

Emaar gained 1.3 per cent, the most since August 3. Dubai Financial Market PJSC advanced 2.8 per cent. Dubai’s DFM General Index climbed 0.6 per cent.

Emaar’s net operating profit for the second quarter ended June 30, 2010 was Dh896 million, 18 per cent higher than the first-quarter 2010 net operating profit of Dh760 million. 
— issacjohn@khaleejtimes.com