UAE's Aldar says makes $490 mln in fair value gains

ABU DHABI Jan 22 (Reuters) - Abu Dhabi's Aldar Properties ALDR.AD said gains in the fair value of its real estate amounted to 1.8 billion dirhams ($490.1 million).

"Profit from fair value gains amounted to 1.8 billion dirhams," Chief Financial Officer Shafqat Malik told Reuters on Tuesday. "Profit went up due to revenue received from sale of land plots and residential plots."

Abu Dhabi's biggest real estate developer by market value, made a fourth-quarter profit of 531 million dirhams, up 22.7 percent from the year-earlier period.

The company posted profit attributable to shareholders of 1.94 billion dirhams in 2007, compared with 1.25 billion dirhams in 2006, it said earlier in a statement, without giving quarterly data. (Reporting by Stanley Carvalho; Editing by James Cordahi)