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| 12 November, 2017

Dubai's Emaar Properties Q3 profit up 32% as home sales surge

The developer made a net profit of $411.16 million in the three months to Sept. 30

Emaar Properties' Dubai Creek Harbour district. Image for illustrative purpose.

Emaar Properties' Dubai Creek Harbour district. Image for illustrative purpose.

Emaar Properties
DUBAI- Dubai's Emaar Properties , which plans to list part of its development unit, reported a 32 percent rise in third-quarter net profit on Sunday, helped by a surge in sales of residential properties.

The developer, in which Dubai's government owns a minority stake, made a net profit of 1.51 billion dirhams ($411.16 million) in the three months to Sept. 30, it said in a statement.

That compares with a profit of 1.15 billion dirhams in the year-earlier period.

SICO Bahrain had forecast Emaar would make a quarterly profit of 1.36 billion dirhams.

Emaar said sale of residential properties rose 32 percent in the nine months to the end of September this year from a year earlier, to 15.36 billion dirhams.

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"The impressive growth in sales of our Dubai residential launches this year puts us in a strong position to generate strong cash flows for the coming years," Emaar's chairman, Mohamed Alabbar, said in a statement.

Emaar's quarterly revenue was 5.59 billion dirhams, which compares with 3.85 billion dirhams a year earlier.

Dubai's Emaar Properties is looking to raise as much as $1.5 billion from the sale of its 20 percent stake in its development unit in Dubai's first major listing since 2014 .

($1 = 3.6725 UAE dirham)

(Reporting by Saeed Azhar, editing by Larry King) ((alexander.cornwell@thomsonreuters.coms.net))