Riyadh-Mubasher: Emaar the Economic City (Emaar EC) posted net earnings of SAR 50.4 million, down 76% from SAR 212.8 million in the year-ago period.

Net earnings for the six-month period ended 30 June dropped 48% year-on-year from SAR 262.7 million to SAR 136.1 million.

The company ascribed the profit decline to a one-off land sale transaction to the Port Development Co. in last year's comparable quarter which is partially offset by increased residential sales in the current quarter.