Dubai's Emaar Properties, builder of the world's tallest tower, reported a 31 percent rise in third-quarter net profit on Sunday as revenue surged by an even faster rate. The developer, in which Dubai's government owns a minority stake, made a net profit of 843 million dirhams ($229.5 million) in the three months to September 30, Emaar said in a statement. That compares with a profit of 645 million dirhams in the year-earlier period, it said.
Emaar's third-quarter profit fell below a forecast by EFG Hermes which had estimated it would be 1.02 billion dirhams.
Third quarter revenues were 3.3 billion dirhams, up by 56 percent from the same period of last year.
The company achieved the latest results despite signs of uncertainty in the Dubai property market. While housing prices are expected to drift lower this year, some experts say well-balanced supply and demand for properties should keep prices stable.
For the first nine months of the year, net profit rose by 16 percent to reach 3.05 billion dirhams, from 2.62 billion dirhams in the year earlier period.
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