Gov't-backed Burj Khalifa developer made a net profit of $280.4m in the three months to March 31
Dubai's Emaar Properties, builder of the world's tallest tower,
reported a 7 percent increase in first-quarter net profit on Sunday, extending
a run of profits as it sold $672 million in property in its home market and
mall revenue rose.
in which Dubai's government owns a minority stake, made a net profit of AED1.03
billion ($280.4 million) in the three months to March 31, Emaar said in
A year earlier,
its profit was AED957 million. Emaar has now reported rising profits in
eight successive quarters.
exceeded a forecast by SICO Bahrain for first-quarter profit of AED856.8 million.
sustained growth in net profit and revenue is supported by the increase in
recurring revenues from the group's shopping malls, retail and hospitality
businesses," Emaar said.
revenue rose to AED3.01 billion from AED2.39 billion a year earlier.
sold AED2.45 billion worth of property in Dubai in the quarter, and its
property division's quarterly revenue was AED1.49 billion. It did not provide
comparative figures for the year-ago quarter.
hospitality and leisure business generated AED495 million in revenue in
the first quarter, which it described as similar to a year ago.
Emaar Malls, in
which Emaar floated a 15.4 percent stake in September, reported a 32 percent
rise in first-quarter profit last week, with revenue up 21 percent.
international operations provided 11 percent, or AED346 million, of the
group's quarterly revenue.