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Emaar Malls posts 43 percent rise in profits in Q2

23 Jul 2015

(MENAFN) The Dubai-based Emaar Malls, a subsidiary unit of Emaar Properties, said it posted a 43 percent increase of its net profit in the April-June period, Arab News reported.

Emaar Malls net profit came in to USD112.2 million in the three months to June 30, compared to a profit of USD78.39 million registered in the same period a year ago, the company said.

Earlier forecasts of investment bank EF Hermes predicted the company to make profits of USD121.12 million for the second quarter. Meanwhile, revenue stood at USD197.88 million, up 11 percent on-year.

Parent firm Emaar Properties owns 84.6 percent of Emaar Malls, having floated 15.4 percent of its subsidiary last September. At the time, the USD1.58 billion share sale was the Gulf’s largest since 2008.

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