Emaar Q2 profits at USD34.24m

20 Jul 2011

(MENAFN) The Emaar Economic City Company (Emaar) stated that it reversed its Q2 USD 34.24 million losses when it recorded a net income of USD23.36 million in 2011, reported Arab News.

The company also said that the profits in this year’s second quarter came after a USD3.6 million loss in the first quarter of the same year. It pointed out that gross profit in the same quarter climbed to USD40.61 million compared to 2010’s Q2 gross profit of USD8.69 million.

Emaar added that its Q2 positive results came in thanks to the profits which the sale of lands of King Abdullah Economic City brought in, as well as distribution and revision of infrastructure costs.

It is worth noting that the Saudi-based firm’s net income for the first half stood at USD19.73 million up from a loss of USD48.51 million year on year.

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