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FINANCIAL NEWS
Abu Dhabi’s Aldar reports USD114m profit in Q2
09 Aug 2012
(MENAFN) Abu Dhabi-based developer Aldar Properties posted a three-fold rise in quarterly profits, driven by delivery of high-end residential beach units, Reuters reported.
The company said it made USD113.8 million net profit during the second quarter, up from USD34.65 million recorded a year earlier.
Quarterly revenue hit USD1.25 billion, up from USD211.13 million a year ago, Aldar added.
Aldar said the strong results were boosted by the delivery of 1,058 units on Al Raha beach in the quarter.
The struggling developer sold land on Al Raha beach, along with the Ferrari World Theme Park and other key assets to the government last year in exchange for a USD10 billion rescue.
The company said it is yet to receive USD3.27 billion for three main asset sale agreements with the government made between 2009 and 2011. This includes USD979.86 million of revenue relating to land sales at Al Raha Beach.
Earlier this year, Aldar said it was in merger talks with Sorouh. If the agreement is sealed it could create a company worth about USD15 billion in assets.
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