Emaar Properties first quarter net profit flat

Dubai:Emaar Properties said on Wednesday its net profit and revenues remained flat in the three months to March.

Net profit came in almost flat at Dh2.27 billion in the first quarter, while revenues came in at Dh5.87 billion. Total assets stood at Dh112 billion till March 31. Cash balance was at Dh8 billion. Emaar Properties shares closed 2.29 per cent lower at Dh4.27 in a weak Dubai market.

Emaar Development’s net profit in the March quarter fell Dh1.03 billion from Dh1.16 billion. Revnues rose 3 per cent to be at Dh3.2 billion. Total assets stood at Dh31 billion as at March 31.

Emaar Development shares closed 1.6 per cent lower at Dh3.70. The Dubai Financial Market general index closed 1.12 per cent lower at 2,583.74.

Meanwhile, contrary to market expectations, Emaar Development was not dropped from the MSCI emerging market index in its review on May 13.

“The decision to keep Emaar Malls and Emaar Development in the Standard index, where the latter should even see $23 million of passive inflows on the back of an upward FIF adjustment,” Arqaam Capital said in a note.