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Emaar Properties on Tuesday posted a first quarter net profit of Dh863 million ($235 million), up 55 per cent over the same period last year.
Revenue for the first quarter was reported as Dh2.256 billion, 7 per cent higher than the 2013 quarter revenue of Dh2.110 billion.
The property developer stated that the first quarter growth has been spurred by the ''robust growth of Dubai's economy'', which is continuing to bounce back from the 2008 market crash.
''The increase in tourist arrivals to Dubai and the positive market sentiment have catalysed the growth of our shopping malls and hospitality business too, which contribute significantly to our recurring revenues,'' stated Mohammad Al Abbar, Chairman of Emaar Properties.
Emaar's shopping malls and retail business, which includes the Dubai Mall, contributed revenue of Dh863 million, over 38 per cent of the company's total revenue for the quarter. Revenue from the shopping malls and retail arm of the business was up 15 per cent compared to the 2013 first quarter of Dh749 million.
Almost 21 million visitors passed through the Dubai Mall in the first three months of the year, it welcomed a total of 75 million in all of 2013.
The hospitality and leisure business recorded a 21 per cent first quarter jump of the company's total revenue with Dh483 million. Emaar Properties stated that this is up 16 per cent on the Dh417 million 2013 first quarter hospitality and leisure revenue.
Its flagship Address Hotels & Resorts reported an average occupancy of 92 per cent, the company stated, including the newly launched serviced apartments under The Address Hotels & Resorts and Vida Hotels and Resorts in Dubai.
The value of total sales during the quarter jumped to 94 per cent to Dh5.917 billion with strong investor interest from international markets. In international projects, Egypt recorded Dh546 million and Pakistan reported Dh235 million in sales in the first three months of the year.
Emaar previously announced plans to list up to 25 per cent of the Emaar Malls Group equity through a secondary offering of shares.
Emaar shares on the Dubai bourse closed up 1.42 per cent to Dh10.75 on Tuesday.
Source: Staff Report, gulfnews.com