Emaar’s net profit triples to reach US $207m
Emaar Properties’ net income rose to $207 million in quarter one, 2010, from $64 million a year earlier.
Emaar Properties’ net income rose to $207 million in quarter one, 2010, from $64 million a year earlier, reported Gulf News.
The first quarter performance exceeded most estimates by analysts. According to a recent Bloomberg survey of six analysts, the company was expected to report $91 million in the first quarter, while a Reuters survey had estimated the net profit at $159 million. Revenue for the same periodincreased by 87% to $784 million.
“The results look strong, but still no revenue breakdown details [have been] released yet. We believe the main reasons for the strong results are: higher-than-expected revenue from malls and hotel businesses on the back of higher occupancy rates and increased footfall in Dubai Mall by 30% last February,” said Credt Susisse real estate and construction analyst Ahmad Badr.
