Emaar Third-Quarter Profit Climbs 50% on Higher Revenue - Bloomberg

Emaar Third-Quarter Profit Climbs 50% on Higher Revenue - Bloomberg:

"Emaar Properties PJSC (EMAAR), the builder of the world’s tallest tower in Dubai, said third-quarter profit climbed 50 percent, beating analysts’ estimates.
Net income rose to 581 million dirhams ($158 million), or 10 fils a share, from 387 million dirhams, or 6 fils, a year earlier, the Dubai-based company said in a statement today. That beats earnings of 389 million dirhams, the average of six analyst estimates compiled by Bloomberg.
Emaar, Dubai’s biggest developer by market value, is benefiting from resurging demand in its home market as property prices climb and the recovery spreads into periphery locations. The sheikhdom’s home prices have recovered 31 percent since reaching a bottom in 2011. Home prices in Dubai crashed in 2008 slumping 65 percent after the global credit crisis caused a speculative bubble to burst."

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