Dubai builder Emaar returns to profit in 2nd quarter as it hands over Burj Khalifa units

World’s tallest tower builder Emaar sees 2Q profit

DUBAI, United Arab Emirates — The Dubai developer behind the world’s tallest building says it returned to profit in the second quarter as it began handing over properties in the tower.

Emaar Properties said Thursday it earned $218 million during the quarter. That compares with a loss of $352 million in the same period last year, when the company wrote off the value of its struggling U.S. unit.

Emaar says it handed over about 24 percent of the units in its record-breaking Burj Khalifa skyscraper through the end of June. That allowed it to book a profit for those units.

The developer also opened a hotel in the tower designed by Giorgio Armani.

It says quarterly revenue rose 37 percent to $528 million.