Emaar Second-Quarter Apartment Sales Climbs, Villas Drop

Aug. 14 (Bloomberg) -- Emaar Properties PJSC, the developer of the world’s tallest tower in Dubai, said second-quarter revenue from apartment sales more than doubled from the year- earlier period. Sale of villas dropped 3 percent during the period.

Income from apartment sales climbed to 699.3 million dirhams ($190 million) from 265.6 million dirhams a year earlier, according to Emaar’s financial statement posted on Dubai’s stock market today. Revenue from sale of villas fell to 325.7 million dirhams from 337 million dirhams, while income from the sale of land and commercial units declined to 116.2 million dirhams from 596.5 million dirhams.

Emaar said on July 29 that second-quarter profit more than doubled, beating analysts’ estimates, as a one-time impairment charge was not repeated and it cut costs. The company provided a breakdown of revenue today.

The developer said the money owed by Amlak Finance PJSC, the mortgage lender being reorganized by the United Arab Emirates’ government, was lowered to 524 million dirhams at the end of June from 595 million dirhams at the end of last year. The amount is unsecured and earns an average return ranging from 1.4 percent to 3.13 percent a year compared with 3.13 percent to 4 percent lat year.

To contact the reporter on this story: Zainab Fattah in Dubai at zfattah@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net