Dubai's Emaar Quarterly Profit Misses Estimates as Costs Surge - Bloomberg Business

Dubai's Emaar Quarterly Profit Misses Estimates as Costs Surge - Bloomberg Business:

"Emaar Properties PJSC, the builder of the world’s tallest tower in Dubai, reported an increase in third-quarter profit that missed analysts’ estimates after costs escalated and demand for real estate in its home market began to slow.
Net income rose 31 percent to 843 million dirhams ($230 million), or 12 fils a share, from 645 million dirhams, or 9 fils, a year earlier, the Dubai-based company said in a statement Sunday. The mean estimate of five analysts was for a profit of 1 billion dirhams, according to data compiled by Bloomberg.
Emaar, Dubai’s biggest developer by market value, still derives the majority of its property sales from its home market even after expanding in the Middle East region and India. Dubai’s property sales have slowed in recent months, with values falling at the fastest pace in the world earlier this year. A surge in revenue for Emaar was off set by a 61 percent increase in cost of sales, which the company didn’t explain in its statement."



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