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FINANCIAL NEWS
Dubai’s Emaar Properties net profit up 16 percent in Q2
03 Aug 2015
(MENAFN) Dubai’s Emaar Properties reported a 16 percent rise in second-quarter net profit on Sunday as other income increased and it received more money in income tax credits.
Builder of the world’s tallest tower made a net profit of USD321.3 million in the three months to June 30, up from USD277.7 million on the prior-year period, Emaar said in a statement.
The developer reported second-quarter revenue of USD947.4 million, increasing from USD909.3 million a year earlier, while cost of revenue rose 11 percent to USD443.7 million.
The firm’s other income swung to a gain of USD39.2 million from a small loss a year ago and it also received income tax credits of USD24.5 million versus USD1.6 million in the second quarter of 2014.
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