Builder of Abu Dhabi's F1 race circuit made a quarterly profit of $138 million
Aldar Properties, Abu Dhabi's largest real estate developer, reported a jump in its second-quarter net profit on Sunday, after excluding one-time merger gains in the corresponding period last year.
The builder of Abu Dhabi's Formula One race circuit made a quarterly profit of AED506 million ($138 million), up 168 percent from AED189 million a year earlier, it said.
The year-earlier figure excluded AED1.06 billion gained from Aldar's state-backed merger with rival Sorouh Real Estate last year.
The number for the second quarter of this year was roughly in line with the forecasts of analysts surveyed by Reuters, who had on average predicted a profit of AED511 million for the period.
Aldar expects to generate a net operating profit of AED1.5 billion in recurring revenue from 2015 onwards due to the handover of residential units and business at its new Yas Mall project, which will open in November.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.