Emaar Properties' first-quarter profit dropped 74 per cent as the global financial crisis hurt real estate sales, the company announced.
Net income declined to Dh237 million, or four fils a share, from Dh896m, or 15 fils, in the year-earlier period, the Dubai-based developer said in a statement.
Sales fell to Dh1.55 billion from Dh2.52bn.
"The revenue and profit for the first quarter 2009 are lower than during the same period of 2008 due to lower deliveries and also on lower sales of completed units," the statement said.
The "strategy for 2009 is focused on strengthening investor confidence by completing existing projects, while simultaneously exploring growth opportunities in new markets," Chairman Mohammed Ali Alabbar said in the statement.
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