Emaar first quarter results

Sweet or sour?

Gulf News starts sweet:

Emaar Properties has posted a net profit of Dh1.72 billion for the first quarter of 2007, an increase of 13 per cent over first quarter 2006 results of Dh1.52 billion.

Revenues for the first quarter increased by 74 per cent from Dh2.239 billion in the first quarter of 2006 to Dh3.904 billion while the annualised earnings per share (EPS) are Dh1.13 compared to the actual EPS of Dh1.06 for 2006.

Emaar's first quarter performance was marked by robust domestic sales for its new launches at Downtown Burj Dubai, including new commercial space in The Old Town Island and Burj Dubai Square.

The New York Times starts sour:

DUBAI (Reuters) - Dubai-based Emaar Properties (EMAR.DU), the largest Arab real-estate developer by market value, reported its slowest rate of profit-growth in the first quarter in at least two years as the U.S. housing market cooled.

The earnings missed even the smallest profit-forecast of four analysts polled by Reuters last month.

Net income in the three months to March 31 rose 13.3 percent to 1.72 billion dirhams ($468.5 million), or 0.28 dirhams per share, compared with 1.52 billion dirhams, or 0.25 dirhams per share, in the year-earlier period, Emaar said.

Compared with the fourth quarter, revenue fell almost 30 percent. Cost of revenue tripled to 1.98 billion dirhams.

Here's Emaar's income statement. See the note at the end.