Aldar Q1 profits fall by 35% amid slowdown

Aldar Properties, Abu Dhabi's property development, investment and management company, has announced its first quarter profit fell 35 percent on lower sales revenue.

Net income in the three months to March 31 fell to 888.6 million dirhams ($241.9 million), compared with 1.37 billion dirhams in the first quarter of 2008, the firm said in a statement.

The drop in net profit was primarily due to lower sales revenue, the statement said.

Aldar invested five billion dirhams on the construction of its development programme during the first quarter.

Ahmed Ali Al Sayegh, chairman of Aldar, said: "We are pleased to report solid results in Q1 despite the ongoing international economic turmoil.

"Our strong financial position and well planned cash flows assure that we are in good position to meet our targets. We will continue to concentrate on our strategy to focus on innovative and prestigious projects by adapting our resources to fit our requirements.

"I am confident our business has the financial strength and capability to continue to deliver good performance in these challenging times," he added in comments published by news agency WAM.

The company said that key milestones have been achieved on the Yas Island project with more than 70 percent of the infrastructure for phase 1 completed and the remainder is scheduled for completion before the Abu Dhabi Grand Prix in November.

Infrastructure works on Al Raha Beach continued to progress and significant milestones were achieved in Al Bandar, Al Zeina, Al Muneera and the HQ building, the company added.

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