(Corrects para 1 to clarify where operating profit from, time frame)
ABU DHABI, Aug 3 (Reuters) - Abu Dhabi’s Aldar Properties expects to generate a net operating profit of 1.5 billion dirhams ($408 million) in recurring revenue from 2015 onwards due to the handover of residential units and business at its new Yas Mall project, which will open in November.
“The net operating profit to generate from the residential units and the mall business is around 1.5 billion dirhams,” Greg Fewer, Aldar’s chief financial officer, said in a conference call after announcing second-quarter results on Sunday.
The developer reported a quarterly net profit of 506 million dirhams.
$1 = 3.6730 United Arab Emirates Dirhams Reporting by Stanley Carvalho; Writing by Praveen Menon; Editing by Andrew Torchia