DUBAI – Emaar Properties, builder of the world's tallest tower, said its quarterly profit more than doubled Sunday as a one-off impairment cost was not repeated and income from malls and hotels grew. Emaar said it made net profit of AED614 million ($167 million) in the three months to June 30, up from AED250 million in the year-earlier period. In the second quarter last year, Emaar wrote off its AED172 million investment in Dubai Bank. The government took over the lender last year and merged it Emirates NBD. Revenue for the quarter was AED2.1 billion compared to AED2.03 billion in the second quarter of 2011. Costs declined by 9 percent to AED965 million. – Reuters
