Emaar Properties, the developer of the world's tallest tower in Dubai, said first-quarter revenue from villa sales doubled from a year earlier.
Revenue climbed to Dh308.7 million in the three months ended March 31 from Dh154m a year earlier, according to Emaar's financial statement posted on Dubai's stock market on Thursday. Income from the sale of apartments, land and commercial units rose to Dh634.7m from Dh612m, while rental income increased to Dh749.2m from Dh651.8.
Emaar, Dubai's biggest developer by market value, said on April 30 that first-quarter earnings dropped 8 per cent to Dh556m, in line with analyst estimates as rising costs wiped out a 16 per cent increase in revenue. Trade receivables fell to Dh728.4m at the end of March from Dh958.6m at the end of last year, the company said.
The developer said during 2012 it received full settlement of outstanding receivables of Dh326.3m overdue from Amlak Finance, the mortgage lender being reorganized by the United Arab Emirates' government. Emaar issued debit notes, carrying non-settlement charges on the outstanding amounts, it said.
* Bloomberg News