UPDATE 1-Dubai's Emaar Properties posts 55 pct rise in Q1 profit | Reuters

UPDATE 1-Dubai's Emaar Properties posts 55 pct rise in Q1 profit | Reuters:



"Dubai's Emaar Properties reported a 55 percent rise in first-quarter net profit on Tuesday, as the region's economic recovery brought consumers back to its malls and shopping units, and house buyers returned to the market.



The builder of the world's tallest tower, the Burj Khalifa, reported a profit of 863 million dirhams ($234.96 million) in the three months to March 31, compared to 556 million dirhams in the prior-year period. Analysts polled by Reuters had forecast profit of 873 million dirhams.



Revenue was 2.26 billion dirhams, up from 2.11 billion dirhams a year earlier, of which 38 percent, or 863 million dirhams, came from Emaar's malls and shopping unit and 16 percent, or 483 million dirhams, from its hospitality and leisure unit."



'via Blog this'