DUBAI, March 18 Emaar Properties'
revenue from sale of apartments more than doubled last year,
offseting a sharp drop in sales of commercial units that is
struggling to recover three years after the emirate's property
The builder of the world's tallest tower generated a revenue
of 2.5 billion dirhams ($680.64 million) from sales of
condominiums last year, compared with 1.1 billion dirhams in
2011, a detailed earnings statement released on Monday showed.
However, income from sale of commercial units, plots and
others dropped significantly to 682.2 million dirhams compared
with 2.7 billion dirhams in the prior-year.
Emaar is one of the better performing companies in Dubai's
real estate sector with its focus on retail and hospitality
segments helping it see through the emirate's real estate crash
which resulted in a 50 percent slump in prices.
Dubai itself has witnessed a gradual recovery in its
property market largely buoyed by return of speculative buyers
in the home sales segment.
Emaar's revenue from villa sales in 2012 also dropped
slightly to 937.1 million dirhams from 958.7 million dirhams.
Overall revenue was nearly flat at 8.2 billion dirhams from 8.1
billion dirhams in 2011.
The company posted a 28 percent drop in fourth-quarter net
profit in January, missing analysts' forecasts, as costs soared
amid revival of stalled projects in the emirate.
The report also said Emaar received outstanding receivables
of 326.3 million dirhams from troubled affiliate Amlak
last year for which debit notes were issued. The developer is
still owed 243 million dirhams by Amlak, down from 595 million
dirhams in 2011.
Emaar shares have risen 44.5 percent year-to-date
outperforming the wider Dubai benchmark, which is up
16.8 percent in the same period. The stock was down 1.6 percent
as at 0715 GMT on Monday.
($1 = 3.6730 UAE dirhams)
(Reporting by Praveen Menon; Editing by Dinesh Nair)