Dubai developer Emaar posts steep 2Q profit gain

AP News
Posted: Jul 29, 2012 8:13 AM

DUBAI, United Arab Emirates (AP) — The Dubai developer of the world's tallest building says it believes the emirate's battered property market is starting to improve as its second-quarter profits more than doubled.

Emaar Properties said Sunday it earned 614 million dirhams ($167 million) from April through June. That compares with 250 million dirhams it made in the same period last year.

Revenue edged up 3 percent to 2.1 billion dirhams.

The developer of the Burj Khalifa skyscraper cited gains at its retail and hospitality businesses, though last year's second quarter earnings were hurt by a one-time charge. Profits were up 45 percent without that adjustment.

Chairman Mohamed Alabbar says he believes struggling Dubai's property market "is turning around, led by the robust performance of key growth sectors including aviation, retail, hospitality, tourism and foreign trade."