DUBAI, 19 April 2004 — Dubai-based property developer EMAAR Properties announced yesterday a 22 percent rise in profits in the first quarter of 2004 to 208 million dirhams ($56.6 million) compared to the same period the previous year. EMAAR also reported a 118 percent rise in revenues to 1.118 billion dirhams ($304.6 million) in the same period, up from 513 million dirhams ($140 million) in the first quarter of 2003. Earnings per share reached 3.12 dirhams compared to 2.76 dirhams.