Emaar records $638 mn profit in 9 mths of this yr

DUBAI: Led by strong recurring revenue from its hospitality and malls businesses, Dubai-based Emaar Properties has registered net operating profits of $638 million during the first nine months of 2010.

The results demonstrate the significant gains Emaar has achieved compared to the same period in 2009 - with net operating profits up over 67 per cent, the company said in a statement.

Revenues for the first nine months of the year reached $2.265 billion, 53 per cent higher than $1.478 billion in the first nine months of 2009.

The third quarter (July to September, 2010) revenues stood at $757 million, 43 per cent higher than the same period last year's $530 million.

Net operating profit for the third quarter reached $187 million, which is at similar level as the profit for the third quarter of 2009.

Emaar Properties Chairman Mohamed Alabbar said, "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.

"In the third quarter, Emaar continued handover of homes in Burj Khalifa, where the world's first Armani Hotel Dubai also recorded robust occupancy levels."

The company said that several landmark projects in Saudi Arabia, Jordan, Egypt and India will be completed in the coming months.