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 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).