Dubai-Mubasher: MubasherTrade Research (MTR) set the price target (PT) of Emaar Malls Group at AED 3.17, maintaining “Buy” recommendation, according to a recent report.
The company reported a 22% growth in net profits to AED 529 million year-on-year (y-o-y) in the first quarter of 2016, coming exactly in line with MubasherTrade’ estimates (MTRe), but beating consensus by 18%.
Revenues rose 14% y-o-y to AED 833 million, missing MTRe of AED 879 million by 5%.
The company's revenues growth was mainly driven by higher rental rate of renewable contract, in addition to the full contribution of "Arabian Ranches II" which was opened by end of Q1-15.
