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Emaar profits set to be hit by investment write off

21 May 2011

Emaar Properties has announced it is to write off its investment in Dubai Bank, valued at about Dhs172m ($46.8m), Reuters has reported. The move is expected to further erode the developer's profits in the short-term, analysts said. "We view this clean-up act as positive although pressuring the second-quarter bottom line and share price performance in the near term," a note from CAPM Investment said.

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