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Dubai’s Emaar Properties reports 55% profit rise

Developer of world’s tallest tower, the Burj Khalifa, made $235m in the first quarter

Published: Updated:

Dubai’s Emaar Properties reported a 55 percent rise in first-quarter net profit on Tuesday that was slightly below analyst estimates.

The builder of the world’s tallest tower, the Burj Khalifa, reported a profit of 863 million dirhams ($234.96 million) in the three months to March 31, it said in a statement.

This compares with a profit of 556 million dirhams in the prior year period.

Analysts polled by Reuters on average forecast Emaar would make a quarterly profit of 873 million dirhams.