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Abu Dhabi's Aldar Properties Q2 net profit jumps
August 3, 2014 / 5:07 AM / in 3 years

Abu Dhabi's Aldar Properties Q2 net profit jumps

ABU DHABI, Aug 3 (Reuters) - Aldar Properties, Abu Dhabi’s largest real estate developer, reported a jump in its second-quarter net profit on Sunday, after excluding one-time merger gains in the corresponding period last year.

The builder of Abu Dhabi’s Formula One race circuit made a quarterly profit of 506 million dirhams ($138 million), up 168 percent from 189 million dirhams a year earlier, it said.

The year-earlier figure excluded 1.06 billion dirhams gained from Aldar’s state-backed merger with rival Sorouh Real Estate last year.

The number for the second quarter of this year was roughly in line with the forecasts of analysts surveyed by Reuters, who had on average predicted a profit of 511 million dirhams for the period. ($1 = 3.6730 United Arab Emirates Dirhams) (Reporting by Praveen Menon; Editing by Andrew Torchia)

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