Abu Dhabi’s Aldar suffers $408m loss by September-end

09 Nov 2010

(MENAFN) Aldar Properties announced in a statement that the company has suffered a $408.4 million net loss during the first three quarters of the current year, as opposed to a $381.2 million net profit during the corresponding period a year earlier, Gulf News reported.

As for the January-September revenues, the development company registered a 45.2 percent decrease, reaching $253.9 million in 2010, compared to $462.9 million during the same period in 2009, almost cutting revenues in half.

Lower property sales and provisions against receivables resulted in a loss of $219.5 million at the gross level, before interest, depreciation and amortization, compared to a positive EBIDA of $354 million in 2009, Aldar said.

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