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FINANCIAL NEWS
Abu Dhabi’s Aldar posts USD174.89m profit for 2011
14 Feb 2012
(MENAFN) Aldar Properties said that net profit for 2011 grew to USD174.89 million, compared with a loss of USD342 million in 2010, reported Gulf News.
Abu Dhabi’s largest real estate developer added that revenue in the period rose to USD1.82 billion, from the USD462 million recorded a year earlier.
The company attributed the increase in its profit to higher revenue from increased land sales to the government, in addition to growing sales of residential units.
It is worth noting that Aldar recognized USD1.46 billion from the sale of land plots, completed residential units and project management fees in 2011.
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