Dubai’s Emaar Properties Q4 profit down 1% after hotel fire write-down

Emaar Properties, one of the largest developers in the UAE, said its Q4 net profit fell one percent year-on-year (YOY) to AED 1.03 billion after it recorded a write-down of AED 301 million related to a fire at its Address hotel in Downtown Dubai on New Year’s Eve.

Net profit for the 2015 fiscal year rose 11 percent YOY to AED 4.08 billion.

Total revenue for FY-2015 was AED 13.66 billion, a 33 percent increase YOY. Revenue from international operations increased by 46 percent to AED 2.6 billion over the previous year, the company said.