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DUBAI May 14 Dubai's Emaar Properties
, builder of the world's tallest tower, reported a 15
percent rise in first-quarter net profit on Sunday, broadly in
line with analysts' expectations.
The developer, in which Dubai's government owns a minority
stake, made a net profit of 1.384 billion dirhams ($376.9
million) in the three months to March 31, it said in a
That compares with a profit of 1.205 billion dirhams in the
corresponding period last year, the company said.
SICO Bahrain and EFG Hermes had forecast Emaar would make a
quarterly profit of 1.424 billion dirhams and 1.350 billion
Quarterly revenue was 4.072 billion dirhams, against 3.529
billion dirhams a year earlier.
Recurring revenue, from the likes of hotel, entertainment
and shopping mall operations, contributed 39 percent of the
group revenue, Emaar said.
First-quarter property sales jumped 44 percent year on year
to 6.049 billion, it said, with a project backlog of 46.245
billion dirhams to be recognised as revenue in the "next few
The company "has seen an increase in property sales in
Dubai," chairman Mohamed Alabbar said in the statement.
The total value of property transactions in Dubai jumped 45
percent year on year in the first quarter to $21 billion,
according to the Dubai Land Department.
Chairman Mohamed Alabbar said on March 6 that he hoped for a
better year after a "tough" 2016.
($1 = 3.6725 UAE dirham)
(Reporting by Hadeel Al Sayegh; Editing by David Goodman)