Dubai's Emaar Properties Q1 net profit rises 17%

[DUBAI]Dubai's Emaar Properties, builder of the world's tallest tower, reported a 17 per cent rise in first-quarter net profit on Sunday.

The developer, in which Dubai's government owns a minority stake, made a net profit of US$329.44m in the three months to March 31, it said in a statement. That compares with a profit of US$280m in the year-earlier period.

SICO Bahrain forecast Emaar's first-quarter profit would be US$330m. Emaar's quarterly revenue was US$960m, also up 17 per cent from a year earlier.

REUTERS