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Dubai’s Emaar Malls Q1 net profit rises 32 pct

Quarterly revenue was 735 million dirhams, up 21 percent year-on-year.

DUBAI, April 29 (Reuters) – Dubai’s Emaar Malls Group (EMG), a unit of Emaar Properties, reported a 32 percent rise in first-quarter net profit on Wednesday.

EMG made a net profit of 433 million dirhams ($117.9 million) in the three months to March 31, the company said in a statement. That compares with a profit of 329 million dirhams in the year-earlier period.

Quarterly revenue was 735 million dirhams, up 21 percent year-on-year.

Parent firm Emaar Properties owns an 84.6 percent stake in EMG, having floated 15.4 percent of its subsidiary last September. At the time, the 5.8 billion dirhams share sale was the Gulf’s largest since 2008.

($1 = 3.6730 UAE dirhams) (Reporting by Matt Smith; Editing by Olzhas Auyezov)