Dubai's Emaar posts 50% rise in Q3 net profit

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Mohamed Alabbar, Emaar’s chairman.

Mohamed Alabbar, Emaar’s chairman.

Dubai-based Emaar Properties on Thursday announced net profit of AED1.8bn ($493m) for the first nine months of 2013, up 13 percent on the same period last year.

Revenue for January to September totalled more thatn $2bn and rose 36 percent, the developer said in a statement.

Net profit in the third quarter reached $158m, an increase of 50 percent on Q3 2012, Emaar said, adding that third quarter revenue rose 43 percent to reach $639m.

This year, the total sales value of Emaar’s real estate projects in Dubai as of September 30, is more than AED9bn ($2.45bn), which is nearly triple that seen in the same period in 2012.

The company said its shopping malls and retails and hospitality businesses contributed 44 percent of total revenue in the first nine months of 2013 while international operations made up 10 percent of the total.

Driving the retail side of the business was Dubai Mall which recorded a visitor footfall of more than 55 million during the reported period, up 24 percent.

Mohamed Alabbar, Emaar chairman, said: "Emaar's strong performance across all its core businesses is a testament to the positive growth recorded by Dubai.

"Our new developments in real estate, malls, and hospitality underline our strategic approach to supporting Dubai's all-round growth."

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