Dubai's Emaar Q2 profits rises 29 pct; local home sales dip

DUBAI Mon Aug 4, 2014 6:41am EDT

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DUBAI Aug 4 (Reuters) - Dubai's largest developer Emaar Properties reported a 28.6 percent rise in second-quarter net profit on Monday, beating analyst forecasts, but revenue from property sales in the emirate dropped.

The builder of the world's tallest tower Burj Khalifa made a net profit of 868 million dirhams ($236.3 million) in the three months ending June 30, compared to 675 million dirhams in the corresponding period in 2013, it said in a statement on Dubai's bourse.

The earnings beat analyst estimates who predicted an average net profit of 839.8 million dirhams for the period.

The company sold properties worth 3.12 billion dirhams in the quarter, down from 3.29 billion dirhams it made in the same quarter last year, Reuters calculated based on half-year figures. ($1 = 3.6730 United Arab Emirates Dirhams) (Reporting by Praveen Menon; Editing by David French)

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