By: Tom Arnold
DUBAI: Emaar Properties, Dubai’s largest listed developer, on Tuesday reported a 2 % rise in second-quarter net profit after the impact of the public listing of its development business.
The developer of the Burj Khalifa, the world’s tallest building, fared better than rival DAMAC Properties which earlier reported a 46 % fall in second quarter profit from continuing operations on lower property prices and muted sales as new developments hit the real estate market.
Emaar made a net profit of 1.48 billion dirhams ($403 million) in the three months to June 30, compared to 1.45 billion dirhams in the same year ago period as strong construction progress and growth in the mall business boosted revenue, it said in a statement
Brokerage and investment bank SICO Bahrain had estimated Emaar would make a net profit of 1.47 billion dirhams.
Excluding the effect of Emaar Development’s initial public share offer late last year, Emaar Properties said its second quarter net profit rose by 16 percent from the year earlier period to 1.68 billion dirhams.
Its revenue for the second quarter was 5.89 billion dirhams, 55 percent higher than the same period of 2017.
($1 = 3.6728 UAE dirham) (Editing by Emelia Sithole-Matarise)
Source: Reuters