Emaar Properties Q1 Net Profit Slips 8%

Emaar Properties, Dubai’s largest property developer, reported an eight per cent drop in first-quarter net profit on Tuesday, missing analysts’ forecasts, as sales and administration expenses rose sharply.

The builder of the world’s tallest tower, the Burj Khalifa, reported a profit of Dhs556 million ($151.4 million) in the quarter ended March 31, compared to Dhs606 million in the prior-year period.

A Reuters poll of six analysts had predicted an average net profit of Dhs600 million.

Revenue for the first quarter was Dhs2.11 billion, up 16 per cent from Dhs1.82 billion in the prior-year period.

Selling, marketing, general and administrative expenses were up 26 per cent in the quarter to Dhs531 million.