Emaar Q4 profit near-flat after hotel fire write-down
DUBAI, February 10, 2016
Dubai's Emaar Properties, builder of the world's tallest tower, reported a near-flat fourth-quarter net profit on Wednesday after it took a write-down relating to a fire at one of its hotels on New Year's Eve.
The developer, in which Dubai's government owns a minority stake, made a net profit of Dh1.03 billion ($280.5 million) in the three months to December 31, the company said in a statement.
That compares with a profit of Dh1.05 billion ($285 million) in the year-earlier period.
An analyst at Sico Bahrain had forecast Emaar's fourth-quarter profit would be Dh1.08 billion ($293 million).
Emaar had reported rising profits in the 10 preceding quarters, according to Reuters data.
The company has taken a write-down of Dh301 million ($82 million) relating to the fire at the Address Downtown hotel.
Emaar's quarterly revenue was Dh3.81 billion ($1.03 billion) compared to Dh2.41 billion ($656 million) a year earlier.
The developer's 2015 profit was Dh4.08 billion ($1.11 billion), up from Dh3.67 billion ($998 million) in 2014, the statement added.-Reuters