Emaar Properties', revenue from apartments sales more than tripled in the third quarter, helping Dubai's largest developer overcome a sharp decline in the sale of commercial units.
Revenue from sales of condominiums in the third-quarter more than tripled to 567 million dirhams ($154.4 million) from 183 million dirhams in the same period in 2011, a detailed earnings statement released on Sunday showed. However, revenue from sale of villas dropped slightly to 123 million dirhams from 126 million dirhams a year-ago.
Income from sale of commercial properties and plot sales took a major hit, generating only 109 million dirhams compared with 798.4 million dirhams in the prior-year period.
Emaar is one of the better performers among property companies in Dubai as the sector recovers from a roughly 60 percent drop in real estate prices from their peak in 2008. The builder of the world's tallest tower, reported a 4.7 percent drop in third-quarter revenue in October, missing analyst's forecasts.
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