{"id":4321,"date":"2016-02-11T01:43:47","date_gmt":"2016-02-10T18:43:47","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=4321"},"modified":"2016-02-10T23:24:07","modified_gmt":"2016-02-10T16:24:07","slug":"emaar-earnings-hit-by-the-address-downtown-dubai-blaze-writedown","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emaar-earnings-hit-by-the-address-downtown-dubai-blaze-writedown\/","title":{"rendered":"Emaar earnings hit by The Address Downtown Dubai blaze writedown"},"content":{"rendered":"


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\nEmaar Properties posted fourth-quarter results that missed expectations after a Dh301 million writedown arising from the New Year’s Eve, blaze at its flagship hotel in Dubai. Net profit in the three months to December 31 was Dh1.03 billion, a 1 per cent drop from a year earlier, the company said in a statement.Fourth-quarter revenue rose 58 per cent to Dh3.8bn from Dh2.4bn a year earlier.Full-year net profit inched up 11 per cent to Dh4bn from Dh3.67bn a year earlier. Full-year revenue rose 33 per cent to Dh13.6bn from Dh10.3bn a year earlier.
\n“Fourth-quarter earnings were slightly below our estimate,” said Ayub Ansari, an analyst at Sico Bahrain. “However, the miss was due to a Dh301m write-off relating to the fire incident at The Address Downtown Hotel. Excluding this one-off, earnings were actually better than expectation – largely due to higher-than-expected property development revenues.”He said he expects the group’s hospitality operations to come under some pressure this year from lower room rates, while growth from mall operations could also be lower.
\nDubai’s biggest listed property developer said last month that there would be “no material effect on the company” from the hotel fire because the building was covered by insurance. Arqaam Capital said last month that Emaar’s hotel revenue is forecast to decline by 13 per cent this year, compared with last year, to Dh1.4bn because of the closure of the hotel. Based on the new forecasts, Arqaam expects total group revenue this year to rise by 29 per cent to Dh17.8bn compared with its previous estimate of a 31 per cent year-on-year increase in 2016.
\nArqaam is “assuming disrupted operations of 12 months … for necessary refurbishment-rebuild works”. Last year, hotel revenue accounted for 12 per cent of Emaar’s total revenue. Emaar’s chairman, Mohamed Alabbar, said the developer’s diversified development approach helps it “to address market challenges efficiently”. Emaar’s results follow weak earnings from Emaar Malls, which owns Dubai’s largest shopping centre, The Dubai Mall. Emaar Malls missed analysts’ expectations and reported a 5.5 per cent growth in fourth-quarter net profit to Dh435m.
\nEmaar is not the only major property developer to report lower earnings because of the slowdown in the real estate market. Fourth-quarter profit at the government-owned Dubai developer Nakheel fell by 28.7 per cent to Dh770m from Dh1.08bn a year earlier. House prices in Dubai fell by an average of 11 per cent last year as lower oil prices, the strong dollar and geopolitical unrest continued to affect the city’s property market, Reidin data showed.
\nHouse prices in Dubai are likely to fall further this year, but at a slower pace according to the property consultancy Asteco. Emaar shares fell 1.25 per cent yesterday to Dh5.51.The developer released results after the market closed.dalsaadi@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Emaar earnings hit by The Address Downtown Dubai blaze writedown<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Emaar Properties posted fourth-quarter results that missed expectations after a Dh301 million writedown arising...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-4321","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-17H","jetpack-related-posts":[{"id":4319,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emaar-reports-full-year-gains-despite-the-address-downtown-dubai-blaze-writedown\/","url_meta":{"origin":4321,"position":0},"title":"Emaar reports full-year gains despite The Address Downtown Dubai blaze writedown","date":"February 11, 2016","format":false,"excerpt":"\r \r Emaar Properties posted fourth-quarter results that missed expectations after a Dh301 million writedown arising from the New Year's Eve, blaze at its flagship hotel in Dubai. Net profit in the three months to December 31 was Dh1.03 billion, a 1 per cent drop from a year earlier, the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11340,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emaar-to-open-35-new-hotels\/","url_meta":{"origin":4321,"position":1},"title":"Emaar to open 35 new hotels","date":"April 25, 2016","format":false,"excerpt":"\r Dubai's Emaar Hospitality Group expects to open 35 hotels and serviced residences within about five years as it expands at home and abroad. The new hotels will encompass its luxury Address Hotels and Resorts brand and the upscale Vida Hotels and Resorts as well as the midscale Rove Hotels.They\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11344,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emaar-to-open-35-new-hotels-in-next-five-years\/","url_meta":{"origin":4321,"position":2},"title":"Emaar to open 35 new hotels in next five years","date":"April 25, 2016","format":false,"excerpt":"\r Dubai's Emaar Hospitality Group expects to open 35 hotels and serviced residences within about five years as it expands at home and abroad. The new hotels will encompass its luxury Address Hotels and Resorts brand and the upscale Vida Hotels and Resorts as well as the midscale Rove Hotels.They\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":619,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emaar-hotel-revenue-to-be-hit-after-dubai-fire-as-developer-appoints-contractor-to-restore-the-address\/","url_meta":{"origin":4321,"position":3},"title":"Emaar hotel revenue to be hit after Dubai fire as developer appoints contractor to restore The Address","date":"January 4, 2016","format":false,"excerpt":"\r \r Investors yesterday shrugged off worries over the long-term effect on Emaar Properties\u2019 outlook from the fire that broke out at its Address Downtown Dubai hotel on New Year\u2019s Eve. Emaar\u2019s share price pared losses in Dubai yesterday to end the session down 1.58 per cent, after slumping 4.4\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":44123,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/signs-of-momentum-for-dubai-property-sector\/","url_meta":{"origin":4321,"position":4},"title":"Signs of momentum for Dubai property sector","date":"February 15, 2017","format":false,"excerpt":"\r Two of Dubai's largest property developers reported on Tuesday a boost in fourth-quarter net profit, prompting further hopes of a Dubai market recovery.Burj Khalifa developer Emaar Properties said net profit for the three months to the end of December 2016 increased by 56 per cent, climbing to Dh1.61 billion\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":54735,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emaar-residential-launches-lift-profit-amid-positive-economy\/","url_meta":{"origin":4321,"position":5},"title":"Emaar residential launches lift profit amid 'positive economy'","date":"May 14, 2017","format":false,"excerpt":"\r A spike in the value of sales of new residential property in Dubai helped lift first-quarter profit for developer Emaar amid what its chairman calls a positive economic environment in the emirate. The developer said that its preliminary net profit for the first three months was 15 per cent\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/4321"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=4321"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/4321\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=4321"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=4321"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=4321"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}