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Emaar Third-Quarter Apartment Sales Climb; Villas, Land Decline

Nov. 18 (Bloomberg) -- Emaar Properties PJSC, the developer of the world’s tallest tower in Dubai, said quarterly revenue from apartment sales more than doubled from a year earlier. Sale of villas, commercial units and land dropped.

Revenue from apartment sales climbed to 567 million dirhams ($154 million) in the three months ended Sept. 30 from 183 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 123 million dirhams from 126 million dirhams, while income from the sale of land and commercial units declined to 109 million dirhams from 798 million dirhams.

Emaar said on Oct. 23 third-quarter profit dropped 4.7 percent to 387 million dirhams, missing analysts’ estimates, after revenue declined. 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 242 million dirhams at the end of September from 595 million dirhams at the end of last year. The amount is unsecured and earns an average return of 1.45 percent a year compared with 3.13 percent to 4 percent last year.

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

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