UAE-Aldar Properties posts 5.6pct fall in profit amid drop in revenue
03 Aug 2017
(MENAFN) Aldar Properties recorded a 5.6 percent decline in second-quarter profit through a double-digit decline in revenue, while results come against a backdrop of a slowing economy.
Furthermore, the firm made a net profit attributable to owners of USD169mn in the three months to June 30 compared to 657.4mn dirhams in the same period of 2016.
Meanwhile, SICO Bahrain and EFG Hermes had projected Aldar would make a quarterly profit of 631.72mn dirhams and 600.00mn dirhams respectively.
In addition, its second quarter revenues reached 1.35bn dirhams against 1.7bn dirhams in the same quarter of last year, down by 20 percent.