Emaar Properties records Q1 profit of AED556m
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Emaar Properties announced its first quarter Q1 net profit of AED556 million.
This is nine percent higher than the fourth quarter (October to December) 2012 net profit of AED512m (US$139m). The company had an impressive growth in revenues to AED2.110bn (US$574m) during the first three months of 2013. This is 16% higher first quarter 2012 revenues of AED1.821bn (US$496m).
The growth of Emaar’s diversification strategy has been showcased with the shopping malls and retail and hospitality and leisure businesses contributing AED1.167bn (US$318m), equivalent to 55% of the total revenue. This is 11% higher than the first-quarter 2012 revenue from the two businesses of AED1.054bn (US$287m).
Emaar’s hospitality and leisure business contributed AED417m (US$114m) to the company’s first quarter 2013 revenues, accounting for 20% of the total. Emaar’s hotels in Dubai, including its flagship Address Hotels + Resorts and Armani Hotel Dubai recorded an average occupancy of 91% in the first three months.