(MENAFN) Dubai's Emaar Properties, the builder of the world's tallest tower, reported an increase in its net profit by 21 percent during the July-September period of this year despite a fall in revenue stemming from a second successive quarterly drop in home sales, Arabian Business reported.
The developer, in which the government has a 31.2 percent stake, registered a net profit of USD191 million during the third quarter of this year compared with USD158.13 million it registered in net during the same period last year.
The profit increase came despite the decline of revenue during the quarter, dropping to USD 538.92 million compared with USD639.63 million during the same quarter in 2013, which happened as a result of a decline in home sales, which reached USD408.27 million during the quarter compared to USD734.89 million in the corresponding period in 2013.
The developer, which built Burj Khalifa in Dubai, the world's tallest tower, also announced a series of new projects including a new 6 million square meter waterfront project at The Lagoons with Dubai Holding earlier this week.
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