DUBAI: Emaar Properties, Dubai's largest property developer, posted a 10 percent increase in second-quarter net profit on Monday, beating analysts' forecasts, on higher property sales in the emirate.
The builder of the world's tallest tower, the Burj Khalifa, reported a profit of 675 million dirhams or $183.8 million for the second quarter, higher than the 614 million dirhams it posted in the same period in 2012, it said in a bourse statement.
A Reuters poll of five analysts had predicted an average net profit of 563.4 million dirhams.
Revenue for the quarter was 3.1 billion dirhams, up 48 percent from 2.1 billion dirhams in the prior-year period.
The developer, which has announced several new projects, said total sales value in Dubai for the first half of the year was 6.3 billion dirhams, four times the sales during the same period in 2012. (Reuters)
