Emaar delivers Dh1.2b in profit on strength of Dubai sales | GulfNews.com:
"Emaar Properties recorded a net profit of Dh1.2 billion for the first three months, a 17 per cent gain over the Dh1.02 billion it made during the same period last year. Even on a quarter-on-quarter basis, the growth percentage remains the same after a Dh301 million write-off of assets during the fourth quarter of 2015 to Dh1.03 billion.
Most pertinently, the developer saw a robust 70 per cent gain in sales from Dubai during the first quarter of 2016, which Emaar puts at “Dh4.19 billion”.
Overall revenues during the period were Dh3.52 billion, up 17 per cent. The apparent discrepancy comes as “revenue for real estate is recorded based on percentage of completion of the projects subsequent to sale [and collection of at least 20 per cent of property value]”, Emaar sources said."
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