Dubai’s Emaar Properties Q4 profit near-flat after hotel fire write-down
Dubai’s Emaar Properties , builder of the world’s tallest tower, reported a near-flat fourth-quarter net profit on Wednesday after it took a write-down relating to a fire at one of its hotels on New Year’s Eve.
The developer, in which Dubai’s government owns a minority stake, made a net profit of 1.03 billion dirhams ($280.5 million) in the three months to Dec. 31, the company said in a statement.
That compares with a profit of 1.05 billion dirhams in the year-earlier period.
An analyst at SICO Bahrain had forecast Emaar’s fourth-quarter profit would be 1.08 billion dirhams.
Emaar had reported rising profits in the 10 preceding quarters, according to Reuters data.
The company has taken a write-down of 301 million dirhams relating to the fire at the Address Downtown hotel.
Emaar’s quarterly revenue was 3.81 billion dirhams, which compares with 2.41 billion dirhams a year earlier.
The developer’s 2015 profit was 4.08 billion dirhams, up from 3.67 billion dirhams in 2014, the statement added.
($1 = 3.6727 UAE dirham)