(MENAFN) Emaar Properties, UAE's largest developer, posted a 44 percent increase in quarterly profits, on increased property sales in Dubai and strong revenue from shopping malls business, Arabian Business reported.
The developer said it made a USD165 million net profit during the first quarter, up from compared to USD114.6 million a year earlier.
Emaar also reported USD495.6 million revenue in the quarter, adding that shopping malls and retail businesses added USD177 million, while hospitality and leisure businesses contributed USD109.7 million.
The revenues from malls and hospitality in this quarter increased by 25 percent as compared to same period in 2011 and accounted for 58 percent of the company's total revenue.
Chairman Mohammed Alabbar said that Emaar handed over 158 residential units during the first quarter comprising of 117 units in Dubai and 41 units in the international markets.
The company also handed over 180,000 sq ft of commercial space in the first quarter of the year.