UAE’s Aldar Properties Q2 net profit up to USD34.6m

05 Aug 2011

(MENAFN) Aldar Properties’ chairman, Ali Eid Al Mehairi, said that in the second quarter of the year, the UAE’s developer’s net profit rose to USD34.6 million from a USD 129 million loss in last year’s same quarter, reported Arabian Business.

Al Mehairi added that in the quarter, the developer of the Yas Marina Formula One circuit raised an additional loan of USD381.2 million, totaling the company’s additional financing in the first half of 2011 to USD1.16 billion.

He also said that in the first half, revenue reached USD424 million up from USD116 million in last year’s same period, furthermore, the company’s sales of houses and lands reached USD226 million whereas its rental income from investment properties reached USD51.6 million.

It is worth noting that Aldar Properties was rescued by a USD5.2 billion bailout by the emirate of Abu Dhabi as a result of the company’s debts.

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