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Wed 27 Jul 2016 02:52 PM

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Emaar's malls unit posts 11.2% rise in Q2 net profit

Emaar Malls says it made a net profit of nearly $125m in the three months to June 30

Emaar's malls unit posts 11.2% rise in Q2 net profit

Dubai's Emaar Malls, a unit of Emaar Properties which operates high-end retail facilities including Dubai Mall, reported an 11.2 percent rise in second-quarter net profit on Wednesday.

Emaar Malls made a net profit of 458 million dirhams ($124.8 million) in the three months to June 30 compared with a profit of 412 million dirhams in the same period a year earlier.

EFG Hermes had forecast Emaar Malls would make a quarterly profit of 488 million dirhams.

Quarterly revenue was 785 million dirhams, up from 721 million dirhams a year earlier.

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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