Dubai-based developer Emaar Development has announced a marginally reduced profit in the first quarter of 2023 as revenue fell.

The company, which is the development arm of Emaar Properties, reported attributable profit for the period of AED 1.06 billion ($288 million) for the first quarter of 2023, down from AED 1.05 billion in the first quarter of 2022.

Revenue was AED 2.375 billion for the first quarter, compared to AED 3.568 billion in 2022.

Last week, the parent company Emaar Properties reported a profit of AED 3.2 billion.