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FINANCIAL NEWS
Emaar reports 157% jump in quarterly earnings
22 Apr 2010
(MENAFN) The Chairman of Emaar Properties, the leading Dubai-based developer, said that the company has recorded net profits for the first quarter of the year at $207 million, 152 percent higher than the first-quarter 2009 net profit of $82 million, Reuters reported.
First quarter revenue was 87 percent higher than the first-quarter 2009 revenue of $419 million. The highlight of the first quarter was the opening of Burj Khalifa, the world’s tallest building at 828 meters (2,716.5 ft).
Emaar’s first quarter revenue stood at $786 million, underpinned by the robust performance of the company’s hospitality and shopping mall subsidiaries during a period when the company opened the world’s tallest building, Burj Khalifa.
The chairman affirmed that Key construction contracts have been awarded in Egypt, Jordan and Saudi Arabia that will drive Emaar’s integrated community developments in these countries.
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