Emaar’s quarterly net income up 55%
Dubai’s biggest publicly traded developer, Emaar Properties has posted first-quarter profit that beat estimates after real estate sales in its home market almost doubled by value, Bloomberg has reported. Net income jumped 55% to Dhs863m ($235m), the company said, higher the average Dhs739m forecast by analysts. “The increase in tourist arrivals to Dubai and the positive market sentiment have catalysed the growth of our shopping malls and hospitality business,” Emaar chairman, Mohamed Alabbar said. First-quarter revenue increased to Dhs2.26bn from Dhs2.11bn, while the cost of sales fell 18% to Dhs815m. The shopping mall and retail unit contributed Dhs863m in revenue, Emaar said.