Emaar Properties' Profit Slumps 35%

Emaar Properties, Dubai's biggest listed property company, posted a 35% drop in first half net profit, hit by the economic slowdown triggered by the coronavirus pandemic, which further dented the emirate's property market. Net profit fell to 2.01 billion dirhams ($547 million) for the six months to June 30 from 3.11 billion a year earlier. Revenue fell 22% to 9.03 billion dirhams. Dubai homebuilders face further weakening of the property market as job losses and salary cuts curb local buyer demand for new properties and travel restrictions reduce international demand, rating agency Moody's said last month.