DUBAI, Feb 12 (Reuters) - Aldar Properties, Abu Dhabi’s biggest real estate developer, reported a 79 percent rise in fourth-quarter net profit, on the back of gains from the acquisition of former rival Sorouh Real Estate and handover of residential units.
The builder of Abu Dhabi’s Formula One race track made a profit of 427 million dirhams ($116.3 million) in the final quarter of 2013, it said in a statement. This compares to 239 million dirhams in reported in the corresponding period in 2012.
The developer booked gains of 2.59 billion dirhams last year on the merger with Sorouh.
It also booked impairments and fair value losses of 1.5 billion dirhams in 2013, which was a result of the review of all its assets over the course of the year and particularly during the merger. ($1 = 3.6730 UAE dirhams) (Reporting by Praveen Menon; Editing by Olzhas Auyezov)