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29-04-12

Abdu Dhabi's Aldar Properties reports USD130m profit in Q1

(MENAFN) Abu Dhabi-based Aldar Properties reported a more-than-doubled quarterly profit over improved operational businesses, Arabian Business reported. The developer said it made USD130.1 million net profit during the first quarter, up from USD51.44 million a year earlier. Aldar also reported an increase in quarterly revenue to USD974.4 billion, up from to USD213.6 million a year earlier, generated from the sale of land plots and completed residential units and development management fees. The company said the results came from Aldar's improved operational businesses, including schools and hotels, which generated revenues of USD40.45 million. Aldar said it handed over plots of land to the Government of Abu Dhabi and related entities at Al Raha Beach as part of the agreement announced in January 2011, with further plots to be transferred as infrastructure is developed and finalized. Rental income from investment properties, including Aldar's commercial office and retail portfolio, saw a growth to USD41 million, the company stated. Aldar's Seven hotels on Yas Island also registered robust occupancy levels in a soft pricing market, the company said. Aldar, the developer behind the Yas Marina Formula One circuit, has been forced to sell key projects to the government including the Ferrari World Theme Park, as part of its bailout and restructuring plan.

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