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EMAAR Will Not Pay Dividend This Year

Emaar will not pay dividend for 2008

http://archive.gulfnews.com/articles/09/02/19/10287371.html

02/18/2009 10:53 PM | Agencies

Dubai:  Dubai’s Emaar Properties will not pay a dividend for 2008, according to a resolution adopted by its board of directors, after posting a Dh1.77 billion ($481.9 million) quarterly loss due to US writedowns.

The company will retain its 2008 profit for reserves, according to a statement released by the company late on Tuesday.

The company paid a 20 per cent dividend for 2007.

Last Thursday, Emaar posted a fourth quarter loss of Dh1.77 billion and said it would put new projects on hold in its weakening home market. The largest listed Arab real estate developer listed a 2008 net profit of Dh3 billion compared to Dh6.58 billion in 2007.

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Tags: Board Of Directors, Dh3, Dividend, Emaar Properties, Fourth Quarter, Last Thursday, Net Profit, New Projects, Quarter Loss, Quarterly Loss, Real Estate Developer