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DUBAI / WAM
Emaar Malls (DFM: EMAARMALLS), the shopping malls and retail business majority-owned by global property developer Emaar Properties, reported first-quarter (January to March) 2016 net profit of AED 529 million (US$144mn), 22 per cent higher than the Q1 2015 net profit of AED433mn (US$ 118 mn).
Rental income for the first three months of the year is AED 833mn (US$ 227mn), a growth of 14 per cent over Q1 2015 rental income of AED 731mn (US$ 199mn). EBITDA for Q1 2016 grew 14 per cent over the same period last year.
Underlining the strong growth in retailer interest in Emaar Malls assets, occupancy levels during the first quarter of 2016 were 96 per cent, comparable to 2015.