Dubai's Emaar Properties , which is planning a partial listing of its UAE development operation, reported a 14.4 percent increase in second-quarter profit on Monday.
Emaar, in which Dubai's government owns a minority stake, made 1.45 billion dirham ($394.8 million) of profit attributable to the owners of the company for the three months to June 30, it said in a bourse filing, on revenue that rose 1.9 percent to 3.79 billion dirhams.
The profit, up from 1.27 billion dirhams a year earlier, beat a SICO Bahrain forecast of 1.3 billion dirhams but was short of a 1.52 billion dirham forecast from EFG Hermes.
Dubai's largest listed property developer and builder of the world's tallest tower floated its retail unit, Emaar Malls, in 2014, valuing the business at 37.7 billion dirhams ($10.27 billion).
The retail operation last week reported a 5 percent increase in second-quarter profit.
The initial public offering (IPO) of up to 30 percent of the UAE development business is expected to launch by November, the company's chairman said in June. ($1 = 3.6727 UAE dirham)