FINANCIAL NEWS

UAE- Aldar reports $129m loss in Q2

31 Jul 2010

(MENAFN) Aldar Properties, Abu Dhabi’s largest developer by market value, missed forecasts with a second-quarter net loss of $129.4 million hit by lower property sales and investment valuations, Khaleej Times reported.

Property companies are at the mercy of how many units they sell and how much land they sell and for Aldar this was as per expected compared to last year, according to analysts.

First-half revenues fell to $544 million from $290 million a year earlier. Revenues from deliveries at Al Raha and Al Gurm are expected to help in the second half, Al Sayegh said.

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