Real estate developer saw revenue decline from commercial units and plots, while villa sales also slipped
Emaar Properties has said its revenue from apartment sales has more-than-doubled in the second quarter, offsetting a drop in sales of commercial units and villas.
The developer of the world’s tallest tower, Burj Khalifa, made $190.4m from the sale of condominiums in the second quarter, compared to $72.3m in the same period a year earlier.
In contrast, revenue from commercial units and plots during the period declined to $31.6m from $162.4m, while villa sales slipped by about 3% to $88.6m.
Emaar’s hospitality division made $86.2m during the quarter, compared with $77.3m in the corresponding quarter in 2011.
Revenue from apartment sales for the first six months of the year jumped to $265.6m from $174.4m in the prior-year period.
The total revenue rose slightly to $571.75m from $544.5m, the company said.