Dubai's Emaar Properties , builder of the world's tallest tower, reported a 15 percent rise in first-quarter net profit on Sunday, broadly in line with analysts' expectations. The developer, in which Dubai's government owns a minority stake, made a net profit of 1.384 billion dirhams ($376.9 million) in the three months to March 31, it said in a statement.

That compares with a profit of 1.205 billion dirhams in the corresponding period last year, the company said. Quarterly revenue was 4.072 billion dirhams, against 3.529 billion dirhams a year earlier. Recurring revenue, from the likes of hotel, entertainment and shopping mall operations, contributed 39 percent of the group revenue, Emaar said. First-quarter property sales jumped 44 percent year on year to 6.049 billion, it said, with a project backlog of 46.245 billion dirhams to be recognised as revenue in the "next few years".

Copyright Reuters, 2017