DUBAI: Emaar Properties, Dubai's largest property firm, reported a higher-than-expected 50 percent rise in third-quarter net profit on Thursday, driven by growth in its hotels, malls and real estate businesses.
The builder of the world's tallest tower, the Burj Khalifa, made 581 million dirhams or $158.18 million in the quarter ending Sept 30 compared with 387 million dirhams 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 449.9 million dirhams.
Revenue for the quarter was 2.35 billion dirhams, up 43 percent from 1.64 billion dirhams in the same period last year. (Reuters)