Emaar Properties Q3 2015 net profit up 31%

The Dubai-based developer reported a net profit of $229.5m (AED843m) in the third quarter of 2015

Emaar Properties records 31% increase in net profit for Q3 2015.
Emaar Properties records 31% increase in net profit for Q3 2015.

Emaar Properties has reported a 31% rise in net profit for the third quarter of 2015. 

The Dubai-based developer announced a net profit of $229.5m (AED843m) in the three months to September 30, in comparison with a $175m (AED645m) for the same period in 2015. 

Emaar's third-quarter profit fell below a forecast by EFG Hermes which estimated $272.2m (AED1.02bn).

However, third quarter revenues were $898.5 (AED3.3bn) - an increase of 56% from the same period of 2014.

For the first nine months of the year, net profit rose by 16% to $830.4m (AED3.05bn), from $713.3m (AED2.62bn) in the year earlier period. 

The company, in which Dubai's government owns a minority stake, achieved the latest results despite signs of uncertainty in the property market. 

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