Dubai's Emaar Properties, builder of the world's tallest tower, reported a 31 per cent rise in third-quarter net profit on Sunday.

The developer, in which Dubai's government owns a minority stake, made a net profit of Dh843 million ($229.5 million) in the three months to September 30, Emaar said in a statement. That compares with a profit of Dh645 million in the year-earlier period, it said.

Emaar's third-quarter profit fell below a forecast by EFG Hermes which had estimated it would be Dh1.02 billion ($277 million).

The third quarter revenues were Dh3.3 billion, up by 56 per cent from the same period of last year.

The company achieved the latest results despite signs of uncertainty in the Dubai property market. While housing prices are expected to drift lower this year, some experts say well-balanced supply and demand for properties should keep prices stable.

For the first nine months of the year, net profit rose by 16 per cent to reach Dh3.05 billion, from 2.62 billion dirhams in the year earlier period.

Over the same period, Emaar's international operations recorded revenue of 1.73 billion dirhams, which is 18 percent of the total revenue.

The company has assets valued at more than Dh156 billion and a land bank of 195 million sq m in Dubai and globally, it said.-Reuters