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US subprime woes to affect Emaar unit
DUBAI — Emaar Properties said yesterday third-quarter results at US unit John Laing Homes (JLH) would be below earlier forecasts due to the subprime mortgage crisis.
Shares in Emaar, the largest Arab property developer by market value, tumbled to a 28-month low on Sunday as foreign investors seeking safer assets sold the stock, fearing mortgage defaults would hurt its operations in the United States.
“Third-quarter JLH results are going to be lower than earlier estimates — not incurring losses, but profits won’t be high,” Amit Jain, chief financial officer of Emaar Dubai, said.
Emaar’s shares fell a further 1.46 per cent yesterday to its lowest close since April 12, 2005, having tumbled 7.8 per cent in the past five days.
Emaar’s home building subsidiary, John Laing Homes in the United States, made up 16 per cent of group revenues in the second quarter. The slowing US housing market was one of the reasons the Dubai developer had missed analysts’ profit
forecasts for that quarter, too.
That was before the rising defaults on US subprime mortgages — loans made to less creditworthy individuals — spilled into global credit markets in July, driving up borrowing costs and triggering a flight from risky assets.
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