Dubai’s Emaar Malls Q-2 Profit Up 43%
Emaar Malls made a net profit of Dhs 412-M in Q-2 of Y 2015, or + 43%
Dubai’s Emaar Malls, a unit of Emaar Properties, reported a 43% rise in Q-2 net profits Wednesday.
Emaar Malls made a net profit of Dhs 412-M ($112.2-M) in the 3 months to 30 June, the company said in a statement. That compares with a profit of Dhs 288-M in the same frame in Y 2014.
Investment bank EFG Hermes had forecast that Emaar Malls would make Dhs 445-M in Q-2.
Quarterly revenue was Dhs 727-M, up 11% Y-Y.
Emaar Malls attracted about 62-M visitors in 1-H of Y 2015, 11% higher than a year ago, while lease renewal rates for its outlets were flat at Dhs 9.6-B.
It did not provide a breakdown for Q-2 figures. Emaar saw 21-M visitors in Q-1 of the year.
Parent firm Emaar Properties owns 84.6% of Emaar Malls, having floated to the stock market 15.4% of its subsidiary last September. At the time, the Dhs 5.8-B ($1.58-B) share sale was the Gulf’s largest since Y 2008.
Stay tuned…
HeffX-LTN
Paul Ebeling
The post Dubai’s Emaar Malls Q-2 Profit Up 43% appeared first on Live Trading News.