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FINANCIAL NEWS
UAE’s Aldar reports USD340m profit in Q2
08 Aug 2013
(MENAFN) Abu Dhabi-based developer Aldar Properties reported a 200 percent increase in quarterly earnings, chiefly due to a one-off gain following its merger with rival firm Sorouh Real Estate, Arabian Business reported.
The company said it made USD340.3 million net profit during the second quarter, up from USD113,778 a year earlier.
The company said earnings included a one-time gain of USD707.7 million from combining its business with Sorouh.
Aldar also reported USD353.86 million in quarterly revenue, lower than USD1.25 billion generated a year ago, as the developer booked provisions, impairments and write downs of USD299.42 million.
Aldar’s net profit during the first six months of 2013 rose 57 percent to USD383 million.
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