Dubai: Emaar Malls' 9M tenant sales hit $3.7bn
Emaar Malls' net profit for the first nine months of 2015 is $332m, of which $102m was recorded during the third quarter of the year
Emaar Malls, the retail arm of Dubai-based real estate developer, Emaar Properties, announced its net profit for the first nine months of 2015 amounts to $332m (AED1.22bn).
The company's net profit for the third quarter of the year is $102m (AED376m), a 17% increase against corresponding figures for Q3 2014, worth $87m (AED321m).
Total revenue for the firm during the first nine months of 2015 was $596m (AED2.19bn), 15% higher than Q3 2014.
Of this, revenue for Q3 2015 is $198m (AED728m), 12% higher than Q3 2014's $177m (AED650m), the company said in a filing to Dubai Financial Market.
Emaar Malls attributed its improved performance to footfall recorded during the Dubai Summer Surprises and Eid months, and claimed these celebrations buoyed tenant sales across all Emaar Malls assets, which amounted to $3.7bn (AED13.5bn) for the first nine months of this year.