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Emaar Properties on Thursday said it has returned to profitability, reporting a Dh655 million net profit for the third quarter ending September 30 from the sale of high-margin properties as well as earlier delivery of villas, up from a Dh1.25 billion loss in the second quarter of this year.
"The increase in profitability is due to the higher margin relating to Alma townhomes in Arabian Ranches handed over during the third quarter. The townhomes were handed over ahead of their scheduled delivery, demonstrating Emaar's commitment to project deliveries," a statement said.
The developer, which will hand over Burj Dubai — the world's tallest tower, rising 818 metres — in December, also said its profits for the first nine months declined 64 per cent to Dh1.4 billion, down from Dh3.68 billion in the first nine months of 2008.
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