Net profits jumped to Dh1.731 billion during the first six months from Dh1.231 in the corresponding 2013 period as revenue reached Dh.063 billion, led by the strong performance of the malls and hospitality business segments, Emaar said in a statement.
In the second quarter, Emaar's net profit rose 28.6 per cent to Dh868 million, marginally beating forecasts as revenue from property sales in
Emaar's earnings are seen as a key indicator for
The malls, retail and hospitality revenues during the second quarter was Dh1.301 billion, 12 per cent higher than the same 2013 quarter revenues of Dh1.160 billion.
Revenues from the company's global operations during rose 15 per cent in the first half to Dh 751 million. This is 43 per cent higher than the international revenues during the first half of 2013. Revenue from international operations during the second quarter jumped 61 per cent to Dh463 million.
"His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the
"In the last six months, Emaar has contributed significantly to building
The developer said it further strengthened its property portfolio in
Emaar's results underscored the fact that property business is picking up pace on higher land sales within
"While we expected some more details on the anticipated Emaar Malls Group IPO, Emaar did not provide information regarding the timeline of the listing which we believe could increase speculation in the coming few weeks," Shuaa analysts said.
The Shuaa analysts said despite a 46 per cent share price rally year-to-date and 15 per cent increase since their last update in
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