(MENAFN) Dubai's largest developer Emaar Properties said that its net profit in the second quarter boosted by 28.6 percent, beating analysts' expectations. However, the company posted a fall in revenue from property sales, according to Arab News.
Emaar's net profit was estimated at USD236.3 million in the second quarter compared to USD183.73 million in the same period last year.
The outcome was higher than expected of USD228.6 million for the period.
Emaar's earnings are seen as a key indicator for Dubai"s real estate market, which has recovered in the last two years after collapsing following the global economic crisis in 2008.
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