May 5, 2019 / 11:06 AM / 5 months ago

Dubai's Emaar Properties reports 7.2 pct Q1 profit increase

DUBAI, May 5 (Reuters) - Dubai’s largest listed developer Emaar Properties on Sunday reported a 7.2 percent rise in first-quarter profit helped by a significant jump in sales.

The developer of Dubai’s Burj Khalifa, the world’s tallest tower, said it made 1.74 billion dirhams ($474 million) in the three months to March 31 compared with 1.63 billion dirhams a year earlier.

Revenue rose to 5.89 billion dirhams, according to a bourse statement. It reported revenue of 5.59 billion dirhams for the first quarter of 2018.

Property sales jumped 53 percent to 5.98 billion dirhams, Emaar said, increasing its sales backlog to 50 billion dirhams.

Residential prices in Dubai have been declining since hitting a peak in 2014 due to excess supply and muted appetite.

Emaar said its sales to international investors more than doubled in the first quarter.

Savills has said Dubai’s residential real estate prices could fall by 5 to 10 percent this year due to new supply, a strong dollar and lower oil prices.

Reporting by Alexander Cornwell; editing by Jason Neely

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