Dubai's Emaar posts 21% rise in third quarter profits

Dubai's Emaar properties said Wednesday third-quarter net profit surged 21 percent to 701 million dirhams ($191 million/150 million euros) from 581 million dirhams a year earlier.
"The prime driver in our growth is the positive performance of the Dubai economy, which continues to inspire international investor confidence," said Emaar chief Mohamed Alabbar.
The profit increase came despite a 16 percent drop in revenues to 1.976 billion dirhams, offset by a 35 percent decline in costs to 779 million dirhams.
The builder of the world's largest tower, the Burj Khalifa, said operating profit was 758 million dirhams, which was reduced by 57 million dirhams lent to home finance affiliate Amlak that was unrecoverable.
In the first nine months, net profit rose 34 percent to 1.812 billion dirhams.
Earlier this month, Emaar listed shares of its retail division, Emaar Malls, after an initial public offering aimed to raise $1.58 billion was hugely oversubscribed.
Emaar Properties is the largest listed company on the Dubai Financial Market.