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Wed 22 Jul 2015 03:26 PM

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Emaar's malls unit posts 43% jump in Q2 net profit

Emaar Malls says it attracted about 62 million visitors in the first six months of 2015, 11% higher than a year earlier

Emaar's malls unit posts 43% jump in Q2 net profit

Dubai's Emaar Malls, a unit of Emaar Properties, reported a 43 percent jump in second-quarter net profit on Wednesday.

Emaar Malls made a net profit of 412 million dirhams ($112.2 million) in the three months to June 30, the company said in a statement. That compares with a profit of 288 million dirhams in the same period a year earlier.

Investment bank EFG Hermes had forecast that Emaar Malls would make 445 million dirhams in the second quarter.

Quarterly revenue was 727 million dirhams, up 11 percent year on year.

Emaar Malls attracted about 62 million visitors in the first six months of 2015, 11 percent higher than a year ago, while base rent renewal rates increased 30 percent for leases renewed in the first half.

It did not provide a breakdown for the second-quarter figures. Emaar saw 31 million visitors in the first three months of the year.

Parent firm Emaar Properties owns 84.6 percent of Emaar Malls, having floated 15.4 percent of its subsidiary last September. At the time, the 5.8 billion dirham ($1.58 billion) share sale was the Gulf's largest since 2008.

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