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Dubai’s Emaar had $10.5 mln loss from Hamptons units sale

Co had announced sale in June.


August 16, 2010 10:50 by

Dubai’s Emaar Properties incurred a loss of 38.5 million dirhams ($10.48 million) from the sale of part of the operations of its Hamptons International subsidiary to UK estate agency Countrywide.

The builder of the world’s tallest tower in Dubai sold the UK, Europe and Asia operations for 428.1 million dirhams ($116.5 million), it said in its financial statement posted on Dubai’s bourse website.

Emaar announced the sale in June and said it would continue to operate Hamptons in the Middle East and North Africa (MENA).

Emaar also said in the statement it sold one of its commercial buildings for 331 million dirhams to an undisclosed buyer in the second quarter.

Sources close to the deal said the building was Number 5 and the principal tenant is HSBC, local daily the National ( reported late on Sunday.

Emaar made a second-quarter net profit of 802 million dirhams.

(Reporting by Jason Benham; Editing by Dinesh Nair)


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