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Dubai's Emaar reports nine-month profit almost cut in half

FILE PHOTO: The corporate logo of EMAAR is seen in Dubai, United Arab Emirates, December 28, 2018. Picture taken December 28, 2018. REUTERS/ Hamad I Mohammed/File Photo

DUBAI (Reuters) - Dubai’s largest listed developer Emaar Properties reported on Wednesday a near halving in profit for the first nine months of the year, while its chairman said he was “cautiously optimistic” about the rest of the year.

The coronavirus crisis has put further pressure on Dubai’s already weakened property market that for years has seen supply outstrip demand for new houses and apartments.

Emaar, which counts Dubai’s state fund as a major shareholder, saw profit fall 48% in the January-September period to 2.44 billion dirhams ($664 million), it said in a statement.

Nine-month revenue fell 26% to 13.4 billion dirhams.

“Looking to the future, I am cautiously optimistic about the remainder of the year and I am confident that things will be in better shape across most sectors by summer 2021,” Chairman Mohamed Alabbar said in the statement

The listed developer did not release a detailed financial statement. However, Reuters calculated that third quarter profit fell 68% to 430 million dirhams and revenue dropped 29% to 4.34 billion dirhams.

A representative for Emaar declined to comment when contacted by Reuters.

($1 = 3.6728 UAE dirham)

Writing by Alexander Cornwell; Editing by Louise Heavens and Edmund Blair