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Tue 8 Nov 2016 07:08 PM

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Emaar Properties Q3 net profit up 36%

Dubai’s biggest developer posts sharp hike in profits in 16% gain in revenues

Emaar Properties Q3 net profit up 36%

Dubai's Emaar Properties, builder of the world's tallest tower, reported a 36 percent increase in third-quarter net profit on Tuesday as revenue rose.

The developer, in which Dubai's government owns a minority stake, made a net profit of 1.15 billion dirhams ($313.1 million) in the three months to Sept. 30, it said in a bourse statement.

That compares with a profit of 843 million dirhams in the year-earlier period.

SICO Bahrain and EFG Hermes forecast Emaar would make a quarterly profit of 1.20 billion dirhams and 1.33 billion dirhams respectively.

Emaar's quarterly revenue was 3.85 billion dirhams, up 16 percent on the 3.33 billion dirhams recorded a year earlier.

It launched on Sept. 5 a new project, a golf course district in the south of the emirate. Emaar plans to fund the project with a little equity, a little debt, and off-plan sales, Emaar chairman Mohamed Alabbar said at the time.

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