Emaar Properties' nine-month revenue climbs to $2.27 bn

DUBAI: Bolstered by strong hospitality and mall businesses, realty player Emaar Properties PJSC saw its revenues jump 53 per cent to USD 2.27 billion for the first nine months of 2010.

The Dubai-based company, which has good presence in India, had raked in a profit of USD 1.48 billion in the same period last year.

Emaar today said its operating profit shot up to USD 638 million in the nine-months ended September, primarily on the back of robust recurring revenues from hospitality and malls businesses.

The company is present in India through Emaar MGF, a joint venture with MGF Group.

"The solid results posted by Emaar during the first nine months of the year, marked by the delivery of our iconic tower Burj Khalifa, are testament to the strength of our diversified growth model," Emaar's Chairman Mohammed Alabbar said.

According to the statement, several landmark projects in Saudi Arabia, Jordan, Egypt and India would be completed in the coming months.

For the September quarter, the realty major raked in revenues worth USD 757 million, an increase of 43 per cent as compared to the year-ago period.

"The challenges of the global financial slowdown are behind us and we are entering a new phase of growth," Alabbar noted.

On Monday, Emaar had said Emaar MGF would take all possible action to protect the entity's interests amid allegations of irregularities in development of the Commonwealth Games Village.