FINANCIAL NEWS

Aldar Properties reports $85.57 loss in Q1

30 Apr 2010

(MENAFN) Aldar Properties posted $85.57 million net loss in the first quarter, due to poor property sales during the three-month period, as Abu Dhabi’s housing market continues to slow, Reuters reported.

Abu Dhabi’s largest real estate developer said that first-quarter revenue stood at $61.8 million, down from $135.2 million a year-ago. The decline in revenue was balamed on lack of property sales, Aldar said in a statement.
The firm’s Chairman, Ahmed Al Sayegh, commented that conditions are

challenging but Aldar was encouraged by the range of new projects recently announced, including a major infrastructure project for Al Ain Municipality.

More News

This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more