Emaar Earnings Beat Analysts’ Estimates as Property Sales Climb - Bloomberg

Emaar Earnings Beat Analysts’ Estimates as Property Sales Climb - Bloomberg:

"Emaar Properties PJSC (EMAAR), Dubai’s biggest developer by market value, said second-quarter earnings rose 10 percent, beating analysts’ estimates, as property sales increased.
Net income climbed to 675 million dirhams ($184 million) from 614 million dirhams a year earlier, the Dubai-based company said in a statement today. The average estimate of six analysts was 529 million dirhams, according to data compiled by Bloomberg.
Emaar, the builder of the world’s tallest tower in Dubai, is starting projects in the city where many developments stalled after the property market collapsed in 2008. The company is expanding its Dubai Mall, already the world’s largest by area, and it’s in talks over a $2 billion resort development in Iraq’s oil-rich Kurdish region.
Revenue climbed 48 percent in the second quarter to 3.11 billion dirhams, Emaar said. Real estate sales for the first half reached 6.3 billion dirhams, almost four times the amount for the year-earlier period, the company said."

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