Revenue – AED3,529 million, +17% Y-o-Y, -7.4% Q-o-Q, -1.8% versus Bloomberg consensus estimate EBIT – AED1,246 million, +21% Y-o-Y, -2% Q-o-Q Net Income – AED1,205 million, +17% Y-o-Y, +17% Q-o-Q, -0.3% versus Bloomberg consensus estimate   Emaar Properties (Emaar) reported a strong set of results for 1Q16. Local contracted sales were strong at AED4.2 billion (+70% Y-o-Y, +54% Q-o-Q), driven by strong investor interest in Harbour Views at Dubai Creek Harbour, The Address Residences Dubai Opera, and premium Sidra villas in Dubai Hills Estate. Another positive highlight for the quarter was the strong hospitality numbers (46% Y-o-Y and 51% Q-o-Q). Also, reported revenue and net income came in line with Bloomberg consensus estimates.  One negative aspect of the results were the weaker international sales figures, which we mainly attribute to lower sales levels in Egypt along with the EGP currency devaluation, Emaar’s major international market.   Main positives; i) Robust contracted sales of AED5,151 million (+41% Y-o-Y, +34% Q-o-Q), driven by strong growth in Dubai, which recorded AED4,194 million (+70% Y-o-Y, +54% Q-o-Q); ii) Decent contribution from Emaar Malls Group (EMG), with revenue growing by 14% Y-o-Y and net income 22% Y-o-Y, recording AED833 million and AED529 million, respectively. Financial highlights for EMG were out last week, with revenue coming in 2% above our estimate net income coming in 17% above our estimate; iii) High occupancy rate in 1Q16 for The Address Hotels & Resorts, averaging 93% (1Q15: 92%, 4Q15: 90%). This has reflected positively on the segment’s hospitality revenue figure, which grew by 46% Y-o-Y and 51% Q-o-Q; iv) Reported revenue and net income figures meet Bloomberg consensus estimate, of AED3,466 million, and AED1,201 million, respectively, growing by a decent 17% Y-o-Y each   Main negatives i) Contracted sales at International markets hit by currency devaluation in Egypt, totaling AED957 million (-19% Y-o-Y, -15% Q-o-Q) of which AED683 million were from Egypt  (Mai Attia, Sara Boutros, Company disclosure)