Emaar Malls profit inches down 1% in second quarter
Revenues for second quarter, first half both higher year-on-year
Dubai: Emaar Malls, the retail operator majority-owned by Emaar Properties, reported on Wednesday a 1.4 per cent decline in its net profit for the second quarter of 2019 even as revenues rose.
The Dubai-listed firm recorded Dh546 million in profits for the quarter, bringing profits in the first half of the year to Dh1.1 billion — up 3 per cent year-on-year.
Revenues were higher for both the second quarter and the first half, rising by 8 per cent in the quarter to Dh1.15 billion. At the end of the first six months, revenues totalled Dh2.2 billion — up 6 per cent.
The drop in profits in the second quarter came as sales, marketing, and general expenses rose by 12 per cent and the company did not have the benefit of a one-off gain from the disposal of a non-core asset (Marina Promenade) that it did in the second quarter of 2018.
In the first half, the assets of Emaar Malls, including The Dubai Mall, Dubai Marina Mall, Gold and Diamond Park, Souq Al Bahar, and community retail centres, saw visitor footfall of 68 million. Dubai Mall alone saw 41 million visitors — up 2 per cent year-on-year.