Emaar Posts Fourth-Quarter Profit, Beats Estimates

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Emaar Properties PJSC, the builder of the world’s tallest skyscraper in Dubai, reported a fourth- quarter profit of 720 million dirhams ($196 million), beating estimates as revenue from its malls and hotels grew.

The loss in the year-earlier period was 2.43 billion dirhams, Emaar said in a statement to the Dubai bourse today. Analysts predicted a profit of 714 million dirhams, according to the mean of four estimates compiled by Bloomberg.

The developer, which opened the 200-story Burj Khalifa in January, is focusing on overseas operations after property prices in its home market fell by more than 50 percent. Indian joint venture Emaar MGF Land Ltd. plans to raise 38.5 billion rupees ($800 million) in an initial share offering, Emaar Chairman Mohammed Alabbar said in November.