Emaar Properties PJSC (EMAAR), the developer of the world's tallest tower in Dubai, said second-quarter profit more than doubled, beating analysts' es (more)
Emaar Properties PJSC (EMAAR), the developer of the world's tallest tower in Dubai
, said second-quarter profit more than doubled, beating analysts' estimates, as a one- time impairment charge was not repeated and it cut costs.
Net income climbed to 614 million dirhams ($167 million) from 250 million dirhams a year earlier, the company said in a statement to the Dubai stock market today. The mean estimate of five analysts was for a profit of 545 million dirhams, according to data compiled by Bloomberg.
Emaar, also the owner of the world's largest shopping mall in Dubai, is increasingly relying on income from hotels and retail as revenue from residential sales declines. Dubai's biggest publicly traded developer plans to add 1 million square feet (92,903 square meters) of space to the Dubai Mall, to boost recurring income.
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