Emaar's apartment sales pick up in Q2

Dubai developer says revenue from apartment sales more than doubled, off-setting drop from commercial units, villas
Emaar's apartment sales pick up in Q2
By Reuters
Tue 14 Aug 2012 11:34 AM

Dubai' Emaar Properties, developer of the world's tallest tower, the Burj Khalifa, said on Tuesday that revenue from apartment sales more than doubled in the second quarter off-setting a drop in sales of commercial units and villas.

Dubai's largest developer said revenue from the sale of condominiums in the second quarter was AED699.3m (US$190.4m), compared to AED265.6m in the prior-year period.

However, revenue from commercial units and plots dropped to AED116.2m from AED596.5m during the period. Villa sales also slipped by about 3 percent to AED325.6m.

Income from the hospitality sector rose slightly to AED316.6m from AED283.8m during the period.

The total revenue rose slightly to AED2.1bn from AED2bn.

Emaar reported in July that its second-quarter profits had more than doubled.

The developer launched its new development 'Panorama at the Views' consisting of over 200 luxury apartments earlier this year, which the developer said were quickly sold out.

Revenue from apartment sales for the six months ending June 30 was AED975.5m compared to AED640.5m.

Emaar is one of the better performers among property companies in Dubai as the sector recovers from a roughly 60 percent drop in real estate prices from their peak in 2008.

Shares of Emaar were up 0.6 percent at 0645 GMT. The stock has climbed by 35 percent this year.

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