Abu Dhabi’s Aldar posts $155.2m loss in Q4
15 Feb 2010
(MENAFN) Aldar Properties posted an unexpected loss of $155.2 million in the fourth-quarter, compared to a $22.95 million net profit in the same period a year earlier, Reuters reported.
Aldar, UAE’s biggest developer by market value, blamed the loss on its failure to make any land sales during the three month period.
The Abu-Dhabi based firm said that it made a 2009 net profit of $272 million down from $936 billion in 2008.
Aldar’s Chief Financial Officer, Shafqat Malik, said that Aldar sold certain infrastructure and other property assets throughout the year at Yas Island, a development off the coast of Abu Dhabi, including the Yas Marina Formula One racetrack, noting that these results are weak, with both revenue and earnings strongly disappointing.
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more