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.
"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) ((firstname.lastname@example.org))