DUBAI: Dubai’s Emaar Malls, a unit of Emaar Properties, reported a 43 percent jump in second-quarter net profit.
Emaar Malls made a net profit of AED412 million ($112.2 million) in the three months to June 30, the company said in a statement. That compares with a profit of AED288 million in the same period a year earlier.
Investment bank EFG Hermes had forecast that Emaar Malls would make AED445 million in the second quarter.
Quarterly revenue was AED727 million, up 11 percent year on year.
Emaar Malls attracted about 62 million visitors in the first six months of 2015, 11 percent higher than a year ago, while base rent renewal rates increased 30 percent for leases renewed in the first half.
It did not provide a breakdown for the second-quarter figures.
Emaar saw 31 million visitors in the first three months of the year.
Parent firm Emaar Properties owns 84.6 percent of Emaar Malls, having floated 15.4 percent of its subsidiary last September. At the time, the AED5.8 billion ($1.58 billion) share sale was the Gulf’s largest since 2008.
Emaar Malls Q2 profit rises 43%
