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FINANCIAL NEWS
Emaar posts USD443.8 sales revenue in Q2
13 Aug 2013
(MENAFN) Dubai’s Emaar Properties reported higher quarterly revenue from housing and land sales doubled as investor sentiment toward the emirate’s real estate market improved, Reuters reported.
The company said it generated USD443.78 million revenue during the second quarter, from the sale of apartment blocks, commercial units and land, up from USD222 million a year earlier.
Emaar sold a series of projects this year, benefitting from renewed optimism in Dubai’s property market buoyed largely by a return of speculative buyers in the home sales segment.
The developer of Burj Khalifa, the world’s tallest tower, Emaar reported a 10 percent increase in second-quarter net profit in July.
Revenue from Emaar’s growing hospitality business rose to USD96.44 million in the second quarter from USD86.18 million a year ago.
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