Emaar Economic City has reported its headline figures for 2Q16. Net income was SAR79mn (+58% Y-o-Y, 1Q16: SAR31mn in net loss), operating loss was SAR23mn (2Q15: 63mn in operating profit, 1Q16: SAR66mn in operating loss), while its gross profit was SAR100mn (-32% Y-o-Y, +92% Q-o-Q). This brings 1H16 net income to SAR48mn (-65% Y-o-Y), operating loss to SAR89mn (1H15: SAR159mn in operating profit) and gross profit to SAR152mn (-50% Y-o-Y). Management attributed the Y-o-Y rise in net income in 2Q16 to a positive change to the infrastructure cost estimate of the industrial land and the receipt of a compensation, based on the court’s decision, in respect of the cancellation of a development lease agreement by a customer. This was only partially offset by reduced land sales and increased G&A expenses. (Tadawul)