Aldar Properties reports $85.57 loss in Q1

30 Apr 2010

(MENAFN) Aldar Properties posted $85.57 million net loss in the first quarter, due to poor property sales during the three-month period, as Abu Dhabi’s housing market continues to slow, Reuters reported.

Abu Dhabi’s largest real estate developer said that first-quarter revenue stood at $61.8 million, down from $135.2 million a year-ago. The decline in revenue was balamed on lack of property sales, Aldar said in a statement.
The firm’s Chairman, Ahmed Al Sayegh, commented that conditions are

challenging but Aldar was encouraged by the range of new projects recently announced, including a major infrastructure project for Al Ain Municipality.

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