JEDDAH: The Emaar Economic City Company (Emaar) has announced a net income of SR87.6 million for the second quarter of this year.
The latest figure is a marked increase from the net loss of SR128.4 million for the same quarter in 2010 and the net loss SR13.5 million for the previous quarter.
The reason for the increase in net income is due to profits from the sale of lands within King Abdullah Economic City and revision in the distribution of infrastructure costs.
The gross profit for the second quarter rose to SR152.3 million from SR32.6 million for the same quarter in 2010.
The profit from operations for the quarter ended June 30, 2011 was SR96.8 million, compared to operating loss SR127.7 million for the same quarter in 2010.
The net income for six months period ended June 30, 2011 was SR74.0 million, compared to loss SR181.9 million for the same period in 2010.
The earning per share for the six months period ended June 30, 2011 amounted SR0.08.
The gross profit for the six-month period ended June 30, 2011 was SR165.7 million.
The profit from operations for the six months period ended June 30, 2011 was SR84.3 million, compared to losses of SR180.4 million for the same period in 2010.
© Arab News 2011
