Emaar Properties Q2 net profit rises 16% to Dh1.18 billion

Dubai's Emaar Properties reported a 16 percent rise in second-quarter net profit on Sunday as other income increased and it received more money in income tax credits.

The developer, in which Dubai's government owns a minority stake, made a net profit of Dh1.18 billion ($321.3 million) in the three months to June 30, up from Dh1.02 billion on the prior-year period, Emaar said in a statement.

SICO Bahrain had forecast Emaar's second-quarter profit would be 817 million dirhams.

The developer has now reported rising profits in nine straight quarters and achieved its latest increase despite relatively sluggish revenue growth.

Emaar's second-quarter revenue was Dh3.48 billion, up from Dh3.34 billion a year earlier. Cost of revenue rose 11 per cent to Dh1.63 billion.

The firm's other income swung to a gain of Dh144 million from a small loss a year ago and it also received income tax credits of Dh90 million versus Dh6 million in the second quarter of 2014.

For the first half of this year, Emaar's net profit rose 12 per cent to Dh2.21 billion as revenue increased 13 per cent to Dh6.50 billion.

Emaar generated Dh6.12 billion in Dubai property sales in the first half of 2015.

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