FINANCIAL NEWS

Abu Dhabi’s Aldar posts USD54.5m profit in Q4

04 Feb 2013

(MENAFN) Abu Dhabi’s top developer Aldar Properties reported a 9.8 percent growth in quarterly earnings on lower impairments on its property portfolio, Reuters reported.

The company, which is set to unite with rival Sorouh Real Estate, said it made USD54.5 million net profit during the fourth quarter 2012, up from USD49.6 million a year earlier, according to Reuters calculations based on previous financial statement.

For the full-2012, Aldar reported USD353.84 million net profit, up from USD174.88 million in 2011. Revenue was at USD3.1 billion, up from USD1.8 billion in the previous year, Aldar said in a statement on the Abu Dhabi bourse.

In January, Aldar has agreed to merge with Sorouh in a bid to boost the Abu Dhabi’s battered property sector where prices have dropped over 50 percent since its peak in 2008.

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