February 10, 2018 / 12:54 PM / 5 months ago

Emaar Properties $1.8 bln profit in 2017 was before depreciation -company

DUBAI, Feb 10 (Reuters) - Emaar Properties’ 1.8 billion estimate of its profit in 2017 was before depreciation, a spokeswoman for the company said on Saturday.

The spokeswoman was clarifying a statement on Wednesday by Emaar chairman Mohamed Alabbar, who said it made $1.8 billion in profit and close to $5 billion in sales in 2017.

The developer of the more than 160-storey Burj Khalifa, the world’s tallest tower, made $1.43 billion in 2016 and reported $3.92 billion in Dubai property sales.

“We’ve been growing about 20 to 25 percent on an annual basis,” Alabbar said on Wednesday.

The company is expected to formally announce its 2017 earnings in coming days.

Reporting by Alexander Cornwell; Writing by Andrew Torchia

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