Dubai: Emirates REIT managed to pull in higher profits for the first nine months, thus compensating for a less than stellar show in the first-half of the year. Net profit was Dh21.83 million against the Dh4 million recorded in the first six months.
This was brought on by “lower revaluation losses” and are seen by the company as an “indication of potential market recovery”. But compared with the first three quarters of 2018, this year’s tally comes in lower. Last year, the first three quarters yielded net-profits of $31 million (Dh113.8 million).
On the operational side, among its key assets, the Index Tower’s occupancy was up 18 per cent year-on-year. The Index Mall is operational, with anchor tenants open for business. “The portfolio’s occupancy rate now stands at 74 per cent, and its weighted average lease expiry maintains a healthy average of 7.9 years despite tough market conditions,” the fund’s manager Equitativa said in a statement.
Another plus that showed up well on its latest numbers is the reduction in property-related expenses, by 8 per cent year-on-year. They eventually totalled $10.7 million. Total property income increased 4 per cent to Dh198.5 million.