Emaar net operating profit up 45% at $332 million in Jan-Jun

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Realty-major Emaar Properties has reported a 44.35 per cent jump in net operating profit of USD 332 million for the first six months of 2012.

The company had posted an operating profit of USD 230 million in the January-June period of last fiscal.

However, total income for the first six months of 2012 remained flat at USD 1.068 billion, Emaar Properties said in a statement.

The company's net operating profit for the second quarter (April to June) of 2012 was USD 167 million, an over 45 per cent over the second quarter 2011 net operating profit of USD 115 million.

Revenue for the second quarter of 2012 was USD 572 million, 15 per cent higher than the revenue of USD 496 million recorded in the first three months of the year.

The real estate market in Dubai is turning around, led by the robust performance of key growth sectors including, aviation, retail, hospitality, tourism and foreign trade, Emaar Properties Chairman Mohamed Alabbar said.

"To add long-term value to our stakeholders, we are planning on bigger growth in our home market through projects such as the Dubai Modern Art Museum and Opera House District and the expansion of The Dubai Mall, in addition to new project launches," he said.

Emaar's rental and retail business primarily comprising of Emaar Malls Group, contributed approximately USD 354 million to first half 2012 revenue, which is an increase of 23 per cent as compared to same period in 2011.

Emaar Hospitality Group, the hospitality & leisure business subsidiary of Emaar Properties, recorded revenue of USD 196 million during the first six months of 2012, with an average occupancy of 89 per cent at its flagship Address Hotels and Resorts during the period, the statement said.

Reflecting the positive growth trends in the Dubai property market and in line with the company's development strategy for 2012, Emaar unveiled approximately 200 luxury apartments, Panorama at The Views, which was fully sold on the very first day of public launch, it said.

Likewise, the launch of 18 exclusive Golf Homes and over 60 townhouses - both in Arabian Ranches - during the first half of 2012 witnessed solid investor response, it added.

Emaar recorded sales exceeding USD 436 million in the first half of 2012 in Dubai, which is approximately five times as compared to same period in 2011.

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