31 Jan 2013
(MENAFN) Dubai-based Emaar Properties reported a 28 percent decline in quarterly profits on higher expenses related to the re-launch of stalled projects in the emirate, Reuters reported.
The developer behind the world’s tallest tower, the Burj Khalifa, said it made USD139.39 million net profit during the fourth quarter ended in December, down from USD195 million a year earlier.
The company also reported a 20 percent increase in quarterly revenue to USD734.89 million from USD598.8 million a year ago.
Cost of revenues hit USD408.3 million for the quarter from USD264 million over the same period in the previous year, the company said.
The developer said more than 80 percent of its projects launched last year have been sold.
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