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FINANCIAL NEWS
Abu Dhabi’s Aldar posts $155.2m loss in Q4
15 Feb 2010
(MENAFN) Aldar Properties posted an unexpected loss of $155.2 million in the fourth-quarter, compared to a $22.95 million net profit in the same period a year earlier, Reuters reported.
Aldar, UAE’s biggest developer by market value, blamed the loss on its failure to make any land sales during the three month period.
The Abu-Dhabi based firm said that it made a 2009 net profit of $272 million down from $936 billion in 2008.
Aldar’s Chief Financial Officer, Shafqat Malik, said that Aldar sold certain infrastructure and other property assets throughout the year at Yas Island, a development off the coast of Abu Dhabi, including the Yas Marina Formula One racetrack, noting that these results are weak, with both revenue and earnings strongly disappointing.
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