Global realty firm Emaar Properties, which is building the world's tallest tower Burj Dubai, has reported a loss of 1.77 billion dirhams ($481.90 million) in the fourth quarter ended December 2008, mainly due to slowdown in the realty market and writing off investment in US-based JL Homes.
In the fourth quarter of 2007, it had posted a net profit of 1.74 billion dirhams, Emaar Properties said in a statement.
The company's revenues fell to 3.49 billion dirhams from 5.14 billion dirhams during the period under review.
Emaar has reported a 54 per cent decline in net profit at 3.05 billion dirhams for the year 2008. The company's revenue in 2008 declined by 10 per cent to 16.01 billion dirhams from 17.86 billion dirhams in 2007.
Emaar has a major presence in the Indian property market through a joint venture firm Emaar MGF. The Commonwealth Games Village residential complex in Delhi and a 3,000-acre township in Mohali are the two major projects of Emaar MGF in India.
Emaar MGF had launched its initial public offer last year but later withdrew it due to bad market condition in India.
A 1.77-billion dirhams write-down of its investment in its US subsidiary John Laing Homes in the fourth quarter has pulled down Emaar's net profit. It acquired JL Homes in 2005.
