Emaar Returns to Second-Quarter Profit on Sales of Dubai Tower Apartments - Bloomberg

Emaar Properties PJSC, the builder of the world’s tallest tower in Dubai, reported a second-quarter profit after handing over properties to buyers.

Net income was 802 million dirhams ($218 million), compared with a year-earlier loss of 1.28 billion dirhams, Emaar said in a statement today. Analysts predicted earnings of 745.5 million dirhams, according to four estimates compiled by Bloomberg.

The developer, which opened the 200-story Burj Khalifa in January, said it completed sales of about 24 percent of the properties in the building as of the end of June. About 90 percent of Emaar’s revenue is generated in Dubai, where the company is based.