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Wed 21 Jan 2015 03:32 PM

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Emaar's malls unit says Q4 net profit rises 5%

Emaar Malls Group reports net profit of more than $112m in three months to December 31

Emaar's malls unit says Q4 net profit rises 5%

Dubai's Emaar Malls Group (EMG), a unit of Emaar Properties, reported a 5 percent rise in fourth-quarter net profit on Wednesday.

EMG made a net profit of AED412 million ($112.2 million) in the three months to December 31, compared with AED394 million in the year-earlier period.

Quarterly revenue was AED800 million, up from AED744 million a year earlier.

EMG made an annual profit of AED1.35 billion in 2014, against AED1.10 billion in 2013.

Emaar Properties owns 84.6 percent of EMG, having floated 15.4 percent of its subsidiary last September. At the time, the AED5.8 billion share sale was the Gulf's largest since 2008.

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