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Emaar Properties Q1'16 net profit up 17% YOY

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Emaar Properties Q1'16 net profit up 17% YOY

's netprofit for the first quarter of 2016 rose 17% to around 1.21 billion UnitedArab Emirates dirhams from an estimated 1.03 billion dirhams in the year-ago period.

First-quarterrevenues also increased 17% year over year to around 3.53 billion dirhamscompared with 3.02 billion dirhams. The "significant progress" in theconstruction of Emaar's projects led the revenue growth, according to a release.

Thecompany's recurring revenues from shopping malls and hospitality businessesamounted to roughly 1.56 billion dirhams, representing 44% of the overallrevenue in the three-month period. Its real estate business contributed 1.97billion dirhams of revenue between January and March, up 32% year over year.Meanwhile, transactions in Dubai drove the 41% year-over-year growth in thegroup's total first-quarter sales, amounting to 5.15 billion dirhams.

For2015, the company distributed cash dividends to its shareholders worth 1.07billion dirhams, or 15% of Emaar's share capital.

Emaar'shospitality unit, Emaar Hospitality Group, posted a 93% occupancy rate for TheAddress Hotels + Resorts brand. The subsidiary aims to with 35 news hotels and servicedresidences, as previously reported.

Emaar MallsGroup PJSC, meanwhile, recorded revenues of 833 million dirhams andnet profit of 529 million dirhams during the first quarter.

Thecompany's land bank covers 196 million square meters in the United ArabEmirates and international markets, allowing it to have assets valued at 165.7billion dirhams.

As of April 29, US$1 wasequivalent to 3.67 United Arab Emirates dirhams.