Emaar Properties has reported a marginal growth in net profit at Dh3.31 billion for the first half of 2008 against Dh3.27bn for the corresponding period last year.

Net profits in the second quarter (April to June) of the year grew 7 per cent over second quarter 2007 net profit of Dh1.55bn and is similar to the first quarter 2008 profits.

Analysts' forecasts for Emaar's second-quarter profit ranged from Dh1.57bn to Dh2.1bn.

Revenue for the first six months of the year is at the same level as half-year 2007 revenue of Dh8.2 billion. The revenue for second-quarter 2008 (April to June) is Dh4.24bn, 7 per cent more than the first-quarter 2008 revenue of Dh3.96bn.

Earnings per Share (EPS) for the first six months of the year is Dh0.54 with the annualised EPS for 2008 being Dh1.08.

In the second quarter of 2008, Emaar posted record sales of Dh8.9bn in the UAE including Dh2.4bn relating to Asmaran, the JV with Bawadi, an increase of 59 per cent over first-quarter 2008 sale of Dh5.6bn.

"Globally, the first-half of 2008 was marked by recessionary trends and mounting inflation. For a property developer of Emaar's geographic outreach, this period also meant greater exposure to the market challenges of rising prices and reduced consumer spending," Emaar Properties Chairman Mohamed Ali Alabbar said in a statement.

"Emaar, as part of our commitment earlier to our stakeholders, remained focused on long-term revenue and profits and resorted to the sale of developed properties rather than land sales. This has earned excellent results across and also positions us well to further build our development portfolio and extract long-term value for our shareholders.

Markets like India, Morocco, Saudi Arabia, Egypt, Syria and Turkey not only yielded strong domestic sales but also attracted sizeable international sales – especially at roadshows held in Dubai," he said.

Emaar's UAE projects continued to contribute strongly to first-half 2008 revenues with the company's launch of new residential and commercial space in Downtown Burj Dubai and Asmaran gaining overwhelming investor response.

Emaar had unveiled several architecturally elegant towers including M Burj Dubai, Stand Point, Burj Place and The Mansion, among others, in the mega-project in Dubai – all of which were very successful.

Alabbar explained that one of the core areas of Emaar's growth in the first half of 2008 was in further strengthening its diverse business portfolio.