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Emaar Malls logs 22% YOY profit growth in Q1

Emaar MallsGroup PJSC's first-quarter net profit increased 22% to reach 529million United Arab Emirates dirhams.

The company reported a rental income of 833 million dirhamsduring the first quarter of 2016, up 14% from the . EBITDA was also up 14%from the first quarter of 2015.

Occupancy rates and visitor traffic across the company'sassets remained on similar levels as the year-ago period.

The company said it approved a cash dividend of 10% of theshare capital, equaling 1.3 billion dirhams.

The group's "ambitious" expansion plans include a1 million-square-foot extension of The Dubai Mall. It is also developing theSprings Village with more than 245,000 square feet of gross leasable area. Thecompany will also open a dedicated Retail District in that will beconnected to the plannedtower in the development.

As of April 26, US$1was equivalent to 3.67 United Arab Emirates dirhams.