Abu Dhabi developer Aldar Q1 profit nearly triples

DUBAI Mon May 12, 2014 12:24am EDT

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DUBAI May 12 (Reuters) - Aldar Properties, Abu Dhabi's biggest real estate developer, reported a three-fold increase in first-quarter net profit on Monday, driven by unit handovers and growth in recurring revenues.

The developer's profit rose to 453.4 million dirhams ($123.4 million) in the quarter from 154.3 million dirhams in the same period of 2013, it said in a statement. SICO Bahrain had forecast the firm would make 329.8 million dirhams in the quarter.

Aldar also said that since the start of 2014, it repaid 2.8 billion dirhams of loans, or 20 percent of its gross debt, after receiving 3.5 billion dirhams in contractual payments from the government of Abu Dhabi. ($1 = 3.6730 UAE Dirhams) (Reporting by Olzhas Auyezov; Editing by David French)