Emaar The Economic City reports 30% profit drop

Emaar The Economic City reports 30% profit drop
King Abdullah Economic City
Published: 22 April 2013 - 6:30 a.m.

Emaar The Economic City, developer of the King Abdullah Economic City planned for Jeddah, said that pre-tax profits fell 30% during the first quarter of 2013 to $8.4m (SR: 31.6m), compared with $12m (SR: 45.2m) in the same period last year.

The company said that the reason for the decline was due to the fact that it had sold fewer plots, which it argued was due to the fact that it "is currently in the process of developing a host of new land & vertical projects that will be launched in the coming quarters".

Emaar The Economic City is the master developer for King Abdullah Economic City, which involves construction of a 14km2seaport, a 62.5km2industrial park, a 13.5km2central business district, 27km2of resorts and 48km2of residential zones.

Meanwhile, Knowledge Economic City has declared a $2.2m (SR: 8.1m) loss for the first quarter of 2013 - a 2% decline on the loss in the same quarter last year. The company said it had reduced operating expenses, which allowed it to trim its loss.

It is building a knowledge quarter-led complex containing offices, villas and hotels in the holy city of Madinah.

 


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