May 21, 2020 / 5:03 AM / 9 days ago

Abu Dhabi's Aldar reports 39% fall in Q1 profit

DUBAI, May 21 (Reuters) - Abu Dhabi developer Aldar Properties on Thursday reported a 39% fall in first-quarter profit, which it said was largely due to a one-off adjustment.

The developer made 302 million dirhams ($82.2 million) in the three months to March 31, compared with 493 million dirhams a year earlier, it said in a bourse statement.

Revenue was flat at 1.76 billion dirhams.

The developer said the coronavirus pandemic would impact its operating environment for this year, but added that it still had a robust balance sheet.

Aldar said it has 6.8 billion dirhams of free cash and undrawn credit facilities.

$1 = 3.6728 UAE dirham Writing by Alexander Cornwell; Editing by Tom Hogue

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