Abu Dhabi developer posts first half loss of AED789.5m

29 July 2010

Aldar Properties’ losses due to lower property sales and valuations

Abu Dhabi developer Aldar Properties has posted a net loss of AED789.5m ($215m) for the first half of 2010 compared to a net profit of AED1.14bn for the same period last year.

“This is primarily due to lower gains from fair valuation of investment properties and lower property sales recognised,” noted Aldar in its financial results report published on 29 July.  

Revenue for the period was AED427m compared to AED1.07bn for the corresponding period last year. The company said the decrease is largely due to lower property sales.

Investment in projects under construction was AED21.23bn compared to AED17.92bn at the end of 2009, as Aldar continues its focus on completion and delivery of its existing pipeline.

The second half-year performance is expected to improve due to the revenue generated from the delivery of projects at Al-Raha Beach and Al-Gurm. 

Aldar made AED695m worth of sales during the first six months of this year, which will be recognised in future periods.

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