Dubai's Emaar Properties reports 29 percent fall in third-quarter profit | Reuters

Dubai's Emaar Properties reports 29 percent fall in third-quarter profit | Reuters:

Dubai’s largest listed developer Emaar Properties EMAR.DU reported a 29 percent fall in third quarter profit on Wednesday, below analysts’ forecasts.

The developer of the Burj Khalifa, the world’s tallest building, did not say why profit fell, though Dubai’s property market has been suffering from a prolonged downturn.

Emaar made a net profit of 1.1 billion dirhams ($299.48 million) in the three months to Sept. 30, down from 1.5 billion dirhams a year earlier.