DUBAI, (Reuters) – Dubai-based developer Emaar Properties posted a net profit of 1.66 billion dirhams ($452.1 million) in the second quarter, up 6.5 percent from the year-earlier period but missing most analysts’ forecasts.

“Globally, the first-half of 2008 was marked by recessionary trends and mounting inflation,” Emaar Chairman Mohamed Alabbar said in a statement.

“For a property developer of Emaar’s geographic outreach, this period also meant greater exposure to the market challenges of rising prices and reduced consumer spending.”

Analysts’ forecasts for Emaar’s second-quarter profit ranged from 1.57 billion dirhams to 2.10 billion dirhams in a Reuters survey last month.

Emaar, the largest Arab developer by market value, made 1.56 billion dirhams in the second-quarter of 2007 and 1.66 billion dirhams in the first quarter of this year.