DUBAI: Emaar Properties, the builder of the world's tallest tower, reported a 21 percent rise in third-quarter net profit on Wednesday, in line with an analyst estimate.
The Dubai-based developer, in which the government has an 31.2 percent stake, posted a net profit of 701 million dirhams ($206.38 million) in the three months to Sept. 30, it said in a statement.
That compares with a profit of 581 million dirhams in the year-earlier period.
SICO Bahrain had forecast Emaar's quarterly profit would be 762.4 million dirhams.
Revenue for the quarter was 1.98 billion dirhams, down from 2.35 billion dirhams a year ago.
Emaar's third-quarter operating profit was 758 million dinars, but its net profit was lower due to the company taking an impairment of 57 million dirhams relating to mortgage affiliate Amlak. (Reuters)
