Emaar said it has written off 301 million dirhams ($82 million)
Dubai - AFP
Dubai property giant Emaar, which owns the tallest tower in the world, said Wednesday its net profit dropped slightly in the fourth quarter but rose 11 percent in 2015.
Net profit in the last quarter of 2015 dropped just one percent to $281.7 million from $284.7 million a year ago, the company said in a statement.
Its annual profit last year however inched up 11 percent to $1.11 billion from $999.2 million, the statement said.
Our businesses benefited from the positive performance of Dubai's economy with the core sectors of retail, hospitality, tourism and aviation setting impressive milestones in 2015," chairman Mohamed al-Abbar said.
The company said it has written off 301 million dirhams ($82 million), the value of the Address Downtown hotel which was damaged in a New Year's eve fire. The hotel is fully insured and the insurance claim process is ongoing.