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Sun 3 May 2015 03:22 PM

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Dubai's Emaar Properties Q1 net profit rises 7%

Gov't-backed Burj Khalifa developer made a net profit of $280.4m in the three months to March 31

Dubai's Emaar Properties Q1 net profit rises 7%

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.

The developer,
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 statement.

A year earlier,
its profit was AED957 million. Emaar has now reported rising profits in
eight successive quarters.

The result
exceeded a forecast by SICO Bahrain for first-quarter profit of AED856.8 million.

"The
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.

Its quarterly
revenue rose to AED3.01 billion from AED2.39 billion a year earlier.

The company
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.

Emaar's
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.

Emaar's
international operations provided 11 percent, or AED346 million, of the
group's quarterly revenue.

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