February 11, 2018 / 9:22 AM / 12 days ago

Emaar Properties says 2017 net profit was $1.55 bln

DUBAI, Feb 11 (Reuters) - Dubai-based Emaar Properties said on Sunday it posted a net profit of $1.55 billion in 2017, about 8 percent higher than a year earlier.

The developer of the more than 160-storey Burj Khalifa, the world’s tallest tower, had made $1.43 billion in net profit in 2016.

The latest statement came after Emaar chairman Mohamed Alabbar said on Wednesday the firm had made $1.8 billion in profit and close to $5 billion in sales in 2017.

The company clarified on Saturday that the figure was before depreciation. (Reporting by Saeed Azhar; editing by Davide Barbuscia)

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