DUBAI: Dubai’s Emaar Properties, builder of the world’s tallest tower, reported a 7 percent increase in first-quarter net profit, extending a run of profits as it sold $672 million in property in its home market and mall revenue rose.

The developer, in which Dubai’s government owns a minority stake, made a net profit of AED1.03 billion ($280.4 million) in the three months to March 31, Emaar said in a statement.

A year earlier, its profit was 957 million dirhams. Emaar has now reported rising profits in eight successive quarters.

The result exceeded a forecast by SICO Bahrain for first-quarter profit of AED856.8 million.

“The sustained growth in net profit and revenue is supported by the increase in recurring revenues from the group’s shopping malls, retail and hospitality businesses,” Emaar said.

Its quarterly revenue rose to AED3.01 billion from AED2.39 billion a year earlier.

The company sold AED2.45 billion worth of property in Dubai in the quarter, and its property division’s quarterly revenue was 1.49 billion. It did not provide comparative figures for the year-ago quarter.

Emaarís hospitality and leisure business generated AED495 million in revenue in the first quarter, which it described as similar to a year ago.

Emaar Malls, in which Emaar floated a 15.4 percent stake in September, reported a 32 percent rise in first-quarter profit last week, with revenue up 21 percent.

Emaar’s international operations provided 11 percent, or AED346 million, of the group’s quarterly revenue.