Emaar Properties PJSC, the developer of the world’s tallest tower in Dubai, said first-quarter revenue from villa sales doubled from a year earlier.
Revenue climbed to 308.7 million dirhams ($84 million) in the three months ended March 31 from 154 million dirhams a year earlier, according to Emaar’s financial statement posted on Dubai’s stock market today. Income from the sale of apartments, land and commercial units rose to 634.7 million dirhams from 612 million dirhams, while rental income increased to 749.2 million dirhams from 651.8 million dirhams.
Emaar, Dubai’s biggest developer by market value, said on April 30 that first-quarter earnings dropped 8 percent to 556 million dirhams, in line with analyst estimates as rising costs wiped out a 16 percent increase in revenue. Trade receivables fell to 728.4 million dirhams at the end of March from 958.6 million dirhams at the end of last year, the company said in its full financial results today.
The developer said during 2012 it received full settlement of outstanding receivables of 326.3 million dirhams overdue from Amlak Finance PJSC, the mortgage lender being reorganized by the United Arab Emirates’ government. Emaar issued debit notes, carrying non-settlement charges on the outstanding amounts, it said.