Property News · November 6, 2016

Emaar Malls reports higher profit on rental income


Emaar Malls reported a 16 per cent rise in third-quarter net profit to Dh435 million as rental income increased.The shopping malls and retail business majority owned by global property developer Emaar Properties, said that rental income for the three months to the end of September 2016 increased 8 per cent compared with a year earlier to stand at Dh774m.For the nine-month period to the end of September 2016, Emaar Malls net profit advanced 16 per cent to Dh1.4 billion, while rental income was up 10 per cent compared with a year earlier at Dh2.39bn.The company, which was spun off from Dubai property developer Emaar in 2014, also reported that finance costs had fallen substantially over the period, dropping 15 per cent for the quarter to Dh51m and 19 per cent for the nine-month period to Dh147m.Emaar Malls said that occupancy levels across its 6 million square foot portfolio, which includes The Dubai Mall, Dubai Marina Mall and Dubai’s Souq Al Bahar and Gold & Diamond Park as well as other community retail, averaged 96 per cent during the first nine months of 2016, similar to the levels last year.Mohamed Alabbar, chairman of Emaar Malls and Emaar Properties, said that the results had been catalysed by “the rob­ust economic environment of Dubai”.lbarnard@thenational.aeFollow The National’s Business section on Twitter

Source : thenational.ae
Read more…Emaar Malls reports higher profit on rental income

You may also like...