Emaar Malls third quarter profit climbs 12% on rising footfall and Namshi sales

Net profit for the three months ending September 30 rose to Dh602 million

Dubai, United Arab Emirates, June 23, 2017:     People shop ahead of  Eid Al Fitr at the Dubai Mall in Dubai on June 23, 2017. Eid Al Fitr, or the 'festival of breaking fast', marks the end of the holy month of Ramadan and the beginning of Shawaal, the 10th month of the Islamic lunar calendar. Christopher Pike / The National

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Emaar Malls, a unit of Dubai’s biggest listed developer Emaar Properties, reported a 12 per cent increase in third-quarter net profit driven by the strong performance of its shopping mall assets and its online retail business.

Net profit in the three months ending September climbed to Dh602 million, the company said on Sunday in a filing to the Dubai Financial Market, where its shares trade. Revenue at the end of third quarter rose 5 per cent to Dh1.18 billion.

“Emaar malls has consistently explored opportunities to deliver an enhanced shopping experience by taking a customer-centric view of the entire consumer journey, which helps us achieve sustained growth-both through our malls and Namshi, our fully owned online business," Mohamed Alabbar, chairman of Emaar properties and a board member of Emaar Malls said.

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