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Emaar Properties reported a 29 per cent increase in second quarter net profits on Sunday but saw a drop in revenue, despite strong half year performances from its mall, retail and hospitality divisions.
Dubai's largest listed developer made a net profit of Dh868 million ($236 million) for the three months ending June 30, compared to Dh675 million in the corresponding period a year earlier, it said in a statement.
Revenue for the period was down 9.7 per cent to Dh2.807 billion from Dh3.109 billion in the second quarter last year.
The builder of the Dubai Mall reported a half year net profit of Dh1.731 billion, a 41 per cent rise on the Dh1.231 it made a year earlier. Half year revenue was down from Dh5.219 billion to Dh5.063 billion.
Revenue growth in malls
Emaar saw revenue growth in its malls and retail units, which it is expected to list in the second half of 2014. Revenue from the malls, retail and hospitality divisions increased by 52 per cent to Dh2.647 billion for the six months ending June 30.
Revenues from Emaar's global operations over the first half were Dh751 million, which was 15 per cent of total revenue.
Total values of sales of Emaar projects in Dubai in the first half was Dh9.032 billion, 43 per cent higher than a year earlier. International investors accounted for 20 per cent of the sales, valued at Dh1.8 billion.
Emaar reported its half-year results after trading closed on Monday with its shares rising 3.05 per cent to close at Dh10.15 a share.
Source: Staff Reporter, gulfnews.com