Dubai’s Emaar First-Quarter Profit Climbs on Retail, Hotels - Bloomberg Business:
"Emaar Properties PJSC, the builder of the world’s tallest tower in Dubai, said first-quarter profit rose 7 percent, beating analyst estimates, as it generated more income from retail and hotel assets.
Net income increased to 1.03 billion dirhams ($280 million), or 14 fils a share, from 957 million dirhams, or 15 fils, a year earlier, the Dubai-based company said in a statement today. Analysts predicted earnings of 859 million dirhams, the average of five estimates in a Bloomberg survey.
“We are seeing better sales when we compare with the fourth quarter and margins are still healthy,” Taher Safieddine, an analyst at Shuaa Capital PSC in Dubai, said by phone. “The property sales business is clearly cooling down compared to the the first quarter of last year but we knew the market is softening.”"
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