Riyadh – Mubasher: Emaar The Economic City's profits went down 19% to SAR 128 million ($34.13 million) in Q4-16 from SAR 158 million ($42.13 million) profits in Q4-15.
The decrease of profits of Q4 were attributed to due change in infrastructure cost estimate of industrial and residential land, lower industrial and residential land sales, according to a bourse filing on Thursday.
Reversal of land contributed to a government body free of charge and higher selling and marketing, and general and administration expenses also contributed to the quarter's profit decline, the statement said.
Emaar achieved net profits of SAR 94 million during the twelve months of 2016 from SAR 303 million profits in 2015.
