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 Dh1.21 billion ($329.44 million) in the three months to March 31, it said in a statement. That compares with a profit of Dh1.03 billion in the year-earlier period.

Sico Bahrain forecast Emaar's first-quarter profit would be Dh1.22 billion.

Emaar's quarterly revenue was Dh3.53 billion, also up 17 percent from a year earlier. – Reuters