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Dubai’s Emaar Q4 net profit up 48%, beats estimates

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Reuters – Emaar Properties, Dubai’s largest real estate developer, reported a 48% jump in fourth-quarter net profit on Monday, beating analysts’ estimates, as it benefited from a renewed real estate and tourism boom in the emirate.

The builder of the world’s tallest tower posted a quarterly profit of AED 756m ($206m), compared with AED 512m in the corresponding period of 2012, the company said in a statement on Dubai’s bourse.

Analysts in a Reuters poll had predicted on average a net profit of AED 622m.

The developer, which launched several new projects last year, said its total value of sales in Dubai for 2013 was AED 12bn, nearly three times the amount in 2012.

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