x Abu Dhabi, UAETuesday 25 July 2017

Emaar Properties first-quarter profit drops

Emaar Properties reported an 8 per cent drop in first-quarter net profit on Tuesday, missing analysts' forecasts, as sales and administration expenses rose sharply.

Emaar Properties, Dubai's largest property developer, reported an 8 per cent drop in first-quarter net profit on Tuesday, missing analysts' forecasts, as sales and administration expenses rose sharply.

The builder of the world's tallest tower, the Burj Khalifa, reported a profit of Dh556 million in the quarter ended March 31, compared to Dh606m in the prior-year period.

A Reuters poll of six analysts had predicted an average net profit of Dh600m.

Revenue for the first quarter was Dh2.11bn, up 16 percent from Dh1.82bn in the prior-year period.

Selling, marketing, general and administrative expenses were up 26 per cent in the quarter to Dh531m.

 

* Reuters