Emaar Profit More Than Triples on Malls, Hotels

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Emaar Properties PJSC, which opened the world’s tallest skyscraper this year in Dubai, said first- quarter profit more than tripled, helped by its shopping mall and hotel units.

Net income rose to 760 million dirhams ($207 million) from 237 million dirhams a year earlier, the developer said in a stock exchange statement today. That exceeded the 336 million- dirham average of six analyst estimates compiled by Bloomberg.

Emaar is focusing on markets such as North Africa and South Asia after property prices in its home market of Dubai slumped by more than 50 percent. Emaar MGF Land Ltd., the company’s Indian joint venture, revived plans to sell 38.5 billion rupees ($870 million) of shares in India in the next three months, Shravan Gupta, Emaar’s executive vice chairman, said on April 8.