Revenue decline driven by lack of property sales
Abu Dhabi’s Aldar Properties reported AED2.3bn ($61.8m) of revenue for the first quarter of 2010, a 54.3 per cent decline from the AED4.9bn achieved in the year earlier period due to a lack of property sales.
The company incurred a loss of AED3.1bn compared to a profit of AED8.9bn for the same period last year, primarily due to lower gains from fair valuation of investment properties. Aldar recognised fair value gains of AED12.2m for the three months ended March 2010 compared to AED9.2bn in the same period last year.
Investment in projects under construction was AED19.5bn compared to AED17.9bn at the end of 2009.
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