(Adds comments from Emaar chairman, detail, context)
DUBAI Feb 14 Dubai's Emaar Properties
intends to reopen its landmark Address Downtown hotel by the end
of the year, some two years after the skyscraper was gutted by
fire following an electrical fault, its chairman told Al-Arabiya
TV on Tuesday.
Mohammed Alabbar was speaking after the developer reported a
56 percent rise in fourth-quarter net profits, boosted by higher
revenue from property developments as well as the performance of
its malls and hospitality businesses.
In a statement detailing its earnings, the company didn't
mention the impact on its results of the 1.22 billion dirhams
($332 million) it was due to receive from an insurance claim for
the Address Downtown fire.
The firm said on Feb. 6 the insurance payout would result in
a writeback of the 301 million-dirham provision it made in its
2015 results against the costs of the fire and would be recorded
as income in the quarter ending Dec. 31 2016.
On Tuesday the company, in which Dubai's government owns a
minority stake, reported a net profit of 1.61 billion dirhams
for the quarter, up from 1.03 billion dirhams in the same period
of 2015, while revenues were up 16 percent at 4.44 billion
SICO Bahrain forecast Emaar would make a quarterly profit of
1.32 billion dirhams while EFG Hermes had forecast 1.64 billion
Last year the developer started construction work on The
Tower at Dubai Creek Harbour, which when complete in 2020 is set
to be the world's tallest tower. The project is a joint venture
between Emaar and Dubai Holding, the investment vehicle of the
emirate's ruler, Sheikh Mohammed bin Rashid al-Maktoum.
($1 = 3.6723 UAE dirhams)
(Reporting by Tom Arnold and Reem Shamseddine; Editing by
Adrian Croft, Greg Mahlich)