Bloomberg News

Emaar Heads for Highest in One Week as Profit More Than Doubles

July 30, 2012

Emaar Properties PJSC (EMAAR) headed for the highest in more than a week after the developer of the world’s tallest tower said second-quarter profit more than doubled, beating analysts’ estimates.

The shares advanced as much as 1.2 percent to 3.28 dirhams before trading at 3.26 dirhams at 10:38 a.m. in Dubai, set for the highest close since July 19. The stock has rallied 27 percent so far this year, compared with a gain of 12 percent for Dubai’s DFM General Index.

Net income climbed to 614 million dirhams ($167 million) from 250 million dirhams a year earlier. The mean estimate of five analysts was for a profit of 545 million dirhams, according to data compiled by Bloomberg.

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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