Dubai's largest listed developer Emaar Properties reported a 29 percent fall in third quarter profit on Wednesday, below analysts' forecasts. The developer of the Burj Khalifa, the world's tallest building, did not say why profit fell, though Dubai's property market has been suffering from a prolonged downturn.
Emaar made a net profit of 1.1 billion dirhams ($299.48 million) in the three months to Sept. 30, down from 1.5 billion dirhams a year earlier. Revenue fell 5 percent to 5.3 billion dirhams. EFG Hermes had forecast a net profit of 1.4 billion dirhams, while SICO Bahrain had projected 1.3 billion dirhams profit.
Residential prices in Dubai have fallen by more than 15 percent since 2014 due to excess supply and muted appetite for new sales. DAMAC Properties earlier reported a 68 percent plunge in third-quarter net profit. DAMAC has stopped buying land but would consider joint venture agreements with other developers and land owners, Chief Financial Officer Adil Taqi was quoted by Abu Dhabi state-linked newspaper The National as saying on Wednesday.
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