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Dubai’s Emaar Malls Q2 profit rises 11.2 per cent

EFG Hermes had forecast the unit of Emaar Properties would make a quarterly profit of $132.84 million

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Dubai’s Emaar Malls, a unit of Emaar Properties which operates high-end retail facilities including Dubai Mall, reported an 11.2 per cent rise in second-quarter net profit on Wednesday.

Emaar Malls made a net profit of $124.8 million (458 million dirhams) in the three months to June 30 compared with a profit of $112 million (412 million dirhams) in the same period a year earlier.

EFG Hermes had forecast Emaar Malls would make a quarterly profit of $132.84 million (488 million dirhams).

Quarterly revenue was $213.69 million (785 million dirhams), up from $196.27 million (721 million dirhams) a year earlier.

Emaar Properties owns about 85 per cent of Emaar Malls, having floated the remainder in 2014. At the time, the $1.58 billion (5.8 billion dirham) share sale was the Gulf’s largest since 2008.

During the first quarter, Emaar Malls had reported a 22 per cent rise - $144.03 million (529 million dirhams) - in first-quarter net profit as its rental income grew.

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