DUBAI:Dubai’s Emaar Properties, builder of the world’s tallest tower, reported near-flat quarterly net profit after taking a writedown related to a fire at one of its hotels on New Year’s Eve.

The AED301 million ($82 million) writedown stalled an earnings boom at the government-linked developer, which had reported rising net income in the preceding 10 quarters.

Emaar made a net profit of AED1.03 billion in the three months to Dec. 31, down from AED1.05 billion a year earlier, a bourse statement said.

An analyst at SICO Bahrain had forecast Emaar’s fourth-quarter profit would be AED1.08 billion.

The writedown related to the fire at the Address Downtown hotel. Previous company documents show that, of the six Emaar hotels for which it provided a detailed breakdown, the Address Downtown commanded the most expensive average daily rate and highest occupancy in the first nine months of 2015.

Emaar said that accounting rules required it to recognize the write-off in the year the loss occurred, but it can record subsequent insurance payouts as income.

“The hotel is completely insured and the company is confident of recovery of loss from the insurance,” Emaar said.

Its hospitality and leisure unit’s annual revenue was AED1.67 billion, accounting for 12 percent of the company’s total revenue of AED13.67 billion.

The company also restated its 2014 results following its adoption of new accounting standards. This increased its 2014 fourth-quarter profit by about 20 percent from AED861 million previously.

Emaar’s quarterly revenue was AED3.81 billion, against 2.41 billion a year earlier.

The developer’s 2015 profit was AED4.08 billion, up from AED3.67 billion in 2014.