Emaar Malls says net profit up 16% in Q4

Emaar Malls, the shopping malls and retail arm of Emaar Properties, reported a net profit of AED 435 million for Q4 2015, which is 16 percent higher than the previous quarter.

Net profit for fiscal year (FY) 2015 reached AED 1.65 billion, marking a 23 percent increase year-on-year (YOY), the company said in a statement to the Dubai Financial Market.

Rental income for FY 2015 increased 11 percent YOY to AED 2.9 billion, while occupancy level climbed to 96 percent, the statement said.

Emaar Malls reported a nine percent increase in visitors to reach over 124 million in 2015; 80 million of which visited The Dubai Mall.