Dubai's Emaar Q4 net profit up 48 pct, beats estimates

DUBAI Mon Feb 17, 2014 5:58am EST

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DUBAI Feb 17 (Reuters) - Emaar Properties, Dubai's largest real estate developer, reported a 48 percent jump in fourth-quarter net profit on Monday, beating analysts' estimates, as it benefited from a renewed real estate and tourism boom in the emirate.

The builder of the world's tallest tower posted a quarterly profit of 756 million dirhams ($206 million), compared with 512 million dirhams in the corresponding period of 2012, the company said in a statement on Dubai's bourse.

Analysts in a Reuters poll had predicted on average a net profit of 622 million dirhams.

The developer, which launched several new projects last year, said its total value of sales in Dubai for 2013 was 12 billion dirhams, nearly three times the amount in 2012. ($1 = 3.6730 UAE dirhams) (Reporting by Praveen Menon; Editing by Andrew Torchia)

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