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Wed 12 Feb 2014 09:53 AM

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Abu Dhabi developer Aldar Q4 profit rises 79%

F1 track builder booked gains of $705m last year on the merger with former rival Sorouh

Abu Dhabi developer Aldar Q4 profit rises 79%

Aldar Properties, Abu Dhabi's biggest real estate developer, reported a 79 percent rise in fourth-quarter net profit, on the back of gains from the acquisition of former rival Sorouh Real Estate and handover of residential units.

The builder of Abu Dhabi's Formula One race track made a profit of AED427m ($116.3m) in the final quarter of 2013, it said in a statement. This compares to AED239m in reported in the corresponding period in 2012.

The developer booked gains of AED2.59bn last year on the merger with Sorouh.

It also booked impairments and fair value losses of AED1.5bn in 2013, which was a result of the review of all its assets over the course of the year and particularly during the merger.

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