Property News · May 10, 2016

Abu Dhabi's Aldar Properties Q1 net profit gains 14.1 per cent


Abu Dhabi’s Aldar Properties reported a 14.1 per cent rise in first-quarter net profit on Tuesday, maintaining its run of improving earnings.The state-linked builder of Abu Dhabi’s Formula One circuit, which reported higher profits in nine of the preceding 10 quarters, made a profit attributable to equity holders of Dh649.0 million in the three months to March 31, according to its financial statement.This compares with a profit of Dh568.7m in the prior-year period. SICO Bahrain had forecast Aldar would make a quarterly profit of Dh453.6m.Aldar’s first-quarter revenue was Dh1.23 billion, up from Dh1.18bn a year earlier.The developer, in which state-owned fund Mubadala Development holds a minority stake, revised its earnings statement for the first quarter of 2015 after retrospectively adopting the IFRS 15 accounting policy, it noted in a separate statement to the Abu Dhabi bourse.business@thenational.aeFollow The National’s Business section on Twitter

Source : thenational.ae
Read more…Abu Dhabi’s Aldar Properties Q1 net profit gains 14.1 per cent

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