Emaar Properties Q1 net profit slumps 45pct

Emaar Properties, UAE's biggest developer by market value, posted a 45 per cent drop in first-quarter net profit, missing analysts forecasts, as revenue dipped and losses from associate firms rose. The builder of the world's tallest tower, Burj Khalifa, made a net profit of Dh421 million ($114.6 million), compared with a profit of Dh60m in the same period a year ago, the company said in a statement to the bourse on Sunday.

Analysts polled by Reuters had expected the firm to post a quarterly profit of Dh647m. Quarterly revenue fell to Dh1.98 billion in the quarter, a drop of 31 per cent in comparison to the same period last year, Emaar said. Losses from associate companies, which includes mortgage affiliate Amlak, were Dh127m for the first-quarter, the statement showed. Emaar said that first-quarter results were supported by delivery of residential units in Burj Khalifa and the handover of commercial offices in The Eighth Gate in Syria.