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Tue 31 Jan 2017 03:27 PM

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Emaar Malls sees Q4 net profit rise 3.9% to $123m

Emaar Properties owns about 85% of Emaar Malls, having floated the remainder in 2014

Emaar Malls sees Q4 net profit rise 3.9% to $123m

Dubai's Emaar Malls, a unit of Emaar Properties, reported a 3.9 percent rise in fourth-quarter net profit on Tuesday.

The retail subsidiary said it made net profit of 452 million UAE dirhams ($123 million) in the three months to Dec. 31, compared with a profit of 435 million dirhams in the same period a year earlier.

Quarterly rental income was 835 million dirhams, up from 821 million dirhams a year earlier, the company said in a statement.

For the full-year, Emaar Malls posted a net profit of 1.87 billion dirhams, against a 1.66 billion dirhams in 2015.

Emaar Properties owns about 85 percent of Emaar Malls, having floated the remainder in 2014. At the time, the 5.8 billion dirham share sale was the Gulf's largest since 2008.

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