Emaar Malls posts $94mln H1 net profit

Emaar Malls posts $94mln H1 net profit

Emaar Malls, the Dubai-based developer of shopping malls and retail assets, announced on Tuesday a first-half net profit of Dh345 million, down from Dh1.13 billion reported for the corresponding 2019 period.The developer, majority-owned by Emaar Properties, posted a revenue of Dh1.657 billion in the first six months, against the Dh2.103 billion recorded in the same 2019 period.The developer of several malls, including the iconic Dubai Mall, said that despite the severe challenges posed by the epidemic, occupancy levels across its assets - The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souk Al Bahar, and the Community Retail Centres - remained stable on 2019 levels."The strong 92 per cent occupancy in the face of the crisis demonstrates Emaar Malls' commitment to its partners. A steady return to footfall across