Emaar profits decline 7% in Q3

28 Oct 2010

(MENAFN) Dubai developer Emaar Properties, builder of the world’s tallest tower, said that its third-quarter net profit fell 7 per cent hurt by higher revenue costs, missing average analysts forecasts, Gulf News reported.

Net profit in the three months to September 30 fell to $166.7 million, the developer said in a statement to Dubai’s bourse, down from $179 million in the third quarter of 2009.

Emaar said revenue for the quarter stood at $760 million, up 43 percent over the $530 million it reported in the year-ago period.

However, cost of revenues, the amount spent on manufacturing and delivering its product, more-than-doubled in the quarter to $478 million from $233 million in the previous year, hurting profits.

More News

This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more