DUBAI, May 14 (Reuters) - 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 ($376.86 million) in the three months to March 31, it said in a statement.
That compares with a profit of 1.205 billion dirhams in the year-earlier period, the company said.
SICO Bahrain and EFG Hermes forecast Emaar would make a quarterly profit of 1.424 billion dirhams and 1.350 billion dirhams respectively.
Emaar’s quarterly revenue was 4.072 billion dirhams, which compares with 3.529 billion dirhams a year earlier.
Recurring revenues contributed to 39 percent of the Group’s revenue, Emaar said, driven primarily by the malls, hospitality, entertainment and leisure businesses of the developer. Property sales in the first quarter jumped 44 percent year on year to 6.049 billion, Emaar said in the statement. The Group has a backlog of 46.245 billion dirhams, the statement added, to be recognised as revenue in the ‘next few years’.
Chairman Mohamed Alabbar said on March 6 he hoped for a better year after a “tough” 2016. ($1 = 3.6725 UAE dirham) (Reporting by Hadeel Al Sayegh)