DUBAI: Emaar Properties, Dubai’s largest property firm, reported a higher-than-expected 50 percent rise in third-quarter net profit, driven by growth in its hotels, malls and real estate businesses.
The builder of the world’s tallest tower, the Burj Khalifa, made AED581 million ($158.18 million) in the quarter ending Sept 30 compared with AED387 million in the corresponding period in 2012, the company said in a statement on Dubai’s bourse.
This is well ahead of estimates by seven analysts polled by Reuters who predicted an average net profit of AED449.9 million.
Revenue for the quarter was AED2.35 billion, up 43 percent from AED1.64 billion in the same period last year.
Emaar beats forecasts with 50% jump in Q3 profit
