Emaar Properties PJSC said second-quarter revenue from apartment and land sales doubled as the developer of the world’s tallest tower in Dubai benefits from a property market recovery in the Persian Gulf business hub.
Revenue from the sale of condominiums, commercial units and plots of land climbed to 1.63 billion dirhams ($443 million) in the three months ended June 30 from 815.6 million dirhams a year earlier, according to Emaar’s financial statement posted on Dubai’s stock market today. Income from villa sales dropped to 322.3 million dirhams from 325.7 million dirhams.
Emaar, Dubai’s biggest developer by market value, said on July 29 that second-quarter earnings rose 10 percent to 675 million dirhams, beating analysts’ estimates, as the company completed projects that were delayed by the 2008 property slump. Trade receivables fell to 413.9 million dirhams at the end of June from 958.6 million dirhams at the end of last year, the company said in its full financial results today.
The stock declined 2.2 percent, the most since July 24, to close at 6.14 dirhams in Dubai today. It has climbed 64 percent this year.