Dubai's Emaar Properties posts 2% Q2 profit rise

Emaar Properties, Dubai's largest listed developer, on Tuesday reported a 2 % rise in second-quarter net profit after the impact of the public listing of its development business. The developer of the Burj Khalifa, the world's tallest building, fared better than rival DAMAC Properties which earlier reported a 46 % fall in second quarter profit from continuing operations on lower property prices and muted sales as new developments hit the real estate market. Emaar made a net profit of 1.48 billion dirhams ($403 million) in the three months to June 30, compared to 1.45 billion dirhams in the same year ago period as strong construction progress and growth in the mall business boosted revenue, it said in a statement Brokerage and investment bank SICO Bahrain had estimated Emaar would make a net profit of 1.47 billion dirhams.