Emaar Malls' profit grows but falls short of expectations

23 July 2015

Developer’s portfolio includes Dubai Mall

Emaar Malls recorded a 37 per cent increase in net profit during the first six months of 2015 to AED845m ($230m), compared to the same period in 2014.

Revenue for half-year 2015 was AED1.462bn, which was 16 per cent higher when compared to the same period in 2014.

On a quarterly basis, net profit during the second quarter was AED412m up 42.9 per cent on the AED288m made during the same quarter last year. Revenue for the second quarter was AED727m, up 11 per cent on the same period last year.

Egyptian brokerage Naeem says the second quarter profit is below their expectations of  AED425m and revenues were in line with their expectation of AED730m.

Emaar Malls says its properties, which include The Dubai Mall, welcomed over 62 million visitors during the first six months of 2015, 11 per cent more than during the same period last year.

Altogether Emaar Malls’ properties have a gross leasable area of about 600,000 square metres. The occupancy rate is 96 per cent.

Emaar Malls is majority-owned by Emaar Properties.

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