Dubai’s Emaar Properties, builder of the world’s tallest tower, reported a 7 percent increase in first-quarter net profit, extending a run of profits as it sold $672 million in property in its home market and mall revenue rose.

Emaar Properties Q1 profit increased by 7 pct

Dubai’s Emaar Properties, builder of the world’s tallest tower, reported a 7 percent increase in first-quarter net profit, extending a run of profits as it sold $672 million in property in its home market and mall revenue rose.

The developer, in which Dubai’s government owns a minority stake, made a net profit of $280.4 million in the three months to March 31, Emaar said in a statement.

“The sustained growth in net profit and revenue is supported by the increase in recurring revenues from the group’s shopping malls, retail and hospitality businesses,” Emaar said.

Emaar properties have also continuing attractive projects in Turkey.Since 2006, EMAAR is operating in Turkey with its investment in real estate development.

The company is currently in the process of constructing Tuscan Valley in Istanbul Büyükçekmece Lake Valley, established on a 1 million 700 thousand m2 area.

Source:ArabNews

Nurullah KIRMACI / emlakcoulisse.com

Leave a comment

Your email address will not be published. Required fields are marked *