DUBAI, United Arab Emirates — The Dubai developer of the world’s tallest building says its second-quarter profit tumbled 69 percent as it handed over the keys to fewer homes and wrote off its investment in a troubled local bank.
Emaar Properties said Tuesday it earned 250 million dirhams ($68.1 million) from April through June, compared with the 802 million dirhams booked in the same period a year earlier.
This year’s figure includes a 172 million dirham charge to cover Emaar’s 30 percent stake in Dubai Bank. Dubai’s government took over the cash-strapped lender in May. More info