* Aldar Q2 net profit 506 mln dirhams, up 168 pct y/y
* Excludes one-time merger gains in year-earlier period
* Revenue for quarter 2.19 bln dirhams, up 74 pct
* Business fully funded at the moment, CFO says (Adds details)
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 results were 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.
Revenue for the second quarter was 2.19 billion dirhams, up 74 percent year-on-year, the company said.
Aldar, which is majority-owned by the Abu Dhabi government, was one of the biggest casualties of a crash in the emirate’s real estate market and was rescued by a $10 billion state bailout in 2010.
The developer’s gross debt has since been reduced to 10 billion dirhams from 14.2 billion dirhams, Aldar’s chief financial officer Greg Fewer said in a conference call after the results announcement.
“At this point our business is fully funded but we are constantly monitoring the market to optimise financing,” he said when asked if there were any plans to raise new financing.
Earlier this year the company replaced 1.6 billion dirhams of existing bank loans with new loans at lower costs. Aldar also repaid a US$1.25 billion bond due in May 2014 using internally generated cash, the statement said.
Aldar, which appointed a new chief executive in July, announced three new projects in Abu Dhabi in April worth about 5 billion dirhams.
Shares of Aldar were down 3.2 percent in early trade on Sunday, as the Abu Dhabi bourse slipped 0.3 percent. The stock is up 36.6 percent this year. ($1 = 3.6730 United Arab Emirates Dirhams) (Reporting by Stanley Carvalho and Praveen Menon; Editing by Andrew Torchia)