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Emaar Q3 profit falls 3.8 pct, takes US unit writedown

Sun Oct 19, 2008 6:30am EDT

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DUBAI, Oct 19 (Reuters) - Developer Emaar Properties (EMAR.DU) posted a net profit of 1.5 billion dirhams ($408.4 million) in the third quarter, down 3.8 percent and missing analysts' forecasts as it took a writedown on a U.S. unit.

Analysts' forecasts for Emaar's second-quarter profit ranged from 1.55 billion dirhams to 2.05 billion dirhams in a Reuters survey last month. For details, click on [ID:nLL318024]

Emaar, the largest Arab developer by market value, made profit attributable to shareholders of 1.56 billion dirhams in the third quarter of 2007 and 3.32 billion dirhams in the first half of this year.

Emaar posted nine-month net profit of 4.82 billion dirhams, without giving quarterly data which Reuters calculated based on previous financial statements.

The company said it took a 750 million dirham goodwill writedown related to its U.S. unit, John Laing Homes. (Reporting by Ola Galal; editing by Daliah Merzaban)



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