Dubai’s Emaar Properties reports 29 percent fall in third quarter profit

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Dubai’s largest listed developer Emaar Properties <EMAR.DU> reported a 29 percent fall in third quarter profit on Wednesday, below analysts’ forecasts.

The developer of the Burj Khalifa, the world’s tallest building, did not say why profit fell, though Dubai’s property market has been suffering from a prolonged downturn.

Emaar made a net profit of 1.1 billion dirhams ($299.48 million) in the three months to September 30, down from 1.5 billion dirhams a year earlier.

Revenue fell 5 percent to 5.3 billion dirhams.

EFG Hermes had forecast a net profit of 1.4 billion dirhams, while SICO Bahrain had projected 1.3 billion dirhams profit.

Residential prices in Dubai have fallen by more than 15 percent since 2014 due to excess supply and muted appetite for new sales.

DAMAC Properties <DAMAC.DU> earlier reported a 68 percent plunge in third-quarter net profit.

DUBAI (Reuters)

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