(MENAFN- Khaleej Times) Emaar Properties' net income for the third quarter of 2013 jumped by more than 50 per cent from a year ago, beating analysts' forecasts of up to 16 per cent increase.
The builder of the world's tallest tower declared a net profit of Dh581 million for the September quarter, compared to Dh387 million in the same period in 2012.
The average net profit forecast of analysts polled by Reuters was Dh450 million, while Bloomberg's mean estimate of six analysts was just Dh389 million.
Led by the positive performance of its real estate, shopping malls, retail, hospitality and leisure businesses, Emaar Properties recorded a net profit of Dh1.812 billion during the first nine months of 2013, showing a 13 per cent growth over Dh1.607 billion reported during the same period last year.
"Emaar's strong performance across all its core businesses is a testament to the positive growth recorded by Dubai. Our new developments, in real estate, malls, and hospitality, underline our strategic approach to supporting Dubai's all-round growth," Emaar chairman Mohamed Alabbar said in a statement.
Emaar said its shopping malls and retails and hospitality businesses contributed 44 per cent of total revenue in the first nine months of 2013 while international operations made up 10 per cent of the total.
The company's revenue for the first nine months of 2013 reached Dh7.566 billion, 36 per cent higher than the revenue of Dh5.560 billion during the same period in 2012.
Revenue for the third quarter of 2013 was reported at Dh2.347 billion, which is 43 per cent more than the Dh1.639 billion figure in the same period of 2012.
The international operations of Emaar contributed Dh770 million, 10 per cent of the total revenue during the same period.
The Dubai Mall's awe-inspiring growth contributed significantly to Emaar's shopping malls and retail sector revenue of Dh2.297 billion during the first nine months of 2013, showing 22 per cent growth over last year's same-period revenue of Dh1.882 billion.
With three vibrant hotel brands in Dubai - The Address Hotels + Resorts, Armani Hotels & Resorts, and Vida Hotels and Resorts - Emaar recorded hospitality and leisure revenue of Dh1.059 billion during the first nine months of 2013.
The result was announced after the close of trading at the Dubai Financial Market. Stocks of Emaar have jumped 63 per cent this year compared. It closed slightly higher at Dh 6.10.
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