Emaar Properties Q1 2016 net profit rises 17%

Emaar Properties recorded a net profit of $330m (AED1.12bn) in the three months to March 31

Emaar Properties recorded a net profit of $330m in Q1 2016.
Emaar Properties recorded a net profit of $330m in Q1 2016.

Emaar Properties has reported a 17% increase in net profit for the first quarter of 2016 as sales rose and its hospitality and retail units prospered.

The developer, in which Dubai's government owns a minority stake, recorded a net profit of $330m (AED1.12bn) in the three months to March 31.

This compares with a profit of $191m (AED1.03bn) for the corresponding period of 2015.

SICO Bahrain forecast Emaar's first quarter profits to be $227m (AED1.22bn).

Last month, Emaar's chairman revealed he had been "really scared" of market conditions coming into 2016, but these fears may have been allayed by a 70% rise in the value of the company's Q1 property sales to $780m (AED4.19bn).

Emaar's propery unit generated $367m (AED1.97bn) in Q1 revenue, a 32% increase from 2015. 

Just last week, Emaar Malls reported a 22% increase in Q1 net profit to $98.5m (AED529m).

Meanwhile, it's hospitality, commercial leasing and entertainment unit - which includes its hotel assets - generated quarterly revenue of $134m (AED722m).

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