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Aldar Properties reports Dh789.5m losses in H1
ABU DHABI — Aldar Properties, the biggest real estate developer in the capital emirate incurred a net loss of Dh789.5 million in the first half of this year mainly due to the lower gains from fair valuation of investment properties, and lower property sales recognised.
The company had reported a net profit of Dh 1,142.5 million in the first six months of last year, but has been reporting losses for the last three consecutive quarters.
The second half of this financial year is expected to be different due to the revenue generated from the delivery of Aldar’s projects at Al Raha Beach and Al Gurm, Aldar said in a Press release here on Thursday.
The company made a revenue of Dh 427 million in the first six months of this year compared to Dh 1,068.1 million for the corresponding period last year.
The decrease was principally due to lower property sales recognised, the release said adding that “recurring revenues from operating businesses are showing continuous growth as these areas of the company mature.’’
Net asset value stood at Dh 15,700.0 million as on June 30, this year compared to Dh 16,650.5 million as on December 31, last year. Investment in projects under construction, was Dh 21,225.8 million compared to Dh 17,923.6 million at the end of 2009, as Aldar continues its focus on completion and delivery of its existing pipeline.
Aldar made Dh 695 million worth of sales during the first six months of this year, which will be recognised in future periods.
The company raised Dh 1,567.3 million of new financing during the period, which demonstrates Aldar’s continued ability to add to its financial resources, the release said.
“With the ongoing impact of the difficult global economic situation, this has been a very challenging first half of the year for the entire sector. However, whilst recovery remains fragile in many parts of the world, Aldar is well positioned to benefit from the improved conditions expected in the second half of the year, with the added positive impact of the delivery of a number of flagship developments such as the Al Bandar residential development, Ferrari World Abu Dhabi theme park and the iconic HQ office building,’’ the release said quoting Ahmed Al Sayegh, Chairman of Aldar Properties. —ramavarman@khaleejtimes.com
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