based real estate giant Emaar Properties on Sunday posted a 45 percent drop in its net profit in the first quarter of 2011 after a fall in sales. Net profit dropped to 421 million dirhams ($115 million) from 760 million dirhams registered in the corresponding period last year, while revenue fell 31 percent to 1.98 billion dirhams ($540 million), a company statement said. The company that developed Burj Khalifa, the world's tallest tower, said it delivered some 270 units in the first quarter, compared to more than 1,300 units in the first quarter of 2010 and 1,000 units in the quarter ending Dec.31. Emaar subsidiaries in retail and hospitality contributed to its revenue stream, it said. The Dubai Mall reported a footfall of 13.5 million visitors in the first quarter, the highest performance since it opened in November 2008, it said. The company's flagship Address Hotels and Resorts recorded an average 87 percent occupancy over the same period. “The first quarter performance underlines the company's strategy to focus on project delivery and strengthening recurring revenue streams from its shopping mall and hospitality businesses,” said Chairman Mohamed Alabbar in the statement. Emaar registered a net profit of 3.034 billion dirhams ($826 million) in 2010, up 31 percent on 2009.
