Dubai – Mubasher: UAE's Emaar Properties posted 'satisfactory' financial results for the fiscal year 2015 amid the huge challenges regionally and globally, according to Chairman Mohamed Alabbar.
The property firm look forwards for achieving more success in 2016, he told CNBC Arabia.
Emaar's financial results for the first nine months of FY15 showed 16% rise in net profit to AED 3.05 billion ($830 million), up from AED 2.62 billion ($714 million) in the prior-year period.
The chairman also said the fire at the company's The Address hotel had no impact on its hospitality segment that includes 12 hotels, adding that losses from the blaze are covered by insurance.
A date will be announced for re-opening the hotel in the coming two weeks, he noted.
A fire broke out at Emaar's 63-storey hotel in downtown Dubai on 31 December.
Alabbar told CNBC that current market conditions are unfavorable for the flotation of Emaar Hospitality, saying that Emaar is seeking to boost its investments in Dubai in addition to operating in major markets in terms of real estate activity especially Egypt, Saudi Arabia and India.
Meanwhile, MubasherTrade Research said earlier the The Address hotel fire would delay Emaar Hospitality IPO till beyond 2016.
