15 February 2012
Abu Dhabi's flagship developer Aldar Properties is back in the black - after it announced that it made profits of Dhs 642.5 million last year, up from the huge Dhs12.6 billion loss it made in 2010. However, Dhs3.9 billion of the firm's income last year came from the sale of one-time flagship projects Ferrari World and Abu Dhabi retail development Central Market. The firm also revealed that it had to take a Dhs3 billion hit due to writing down the value of its portfolio of assets and other impairments.
Abu Dhabi's flagship developer Aldar Properties is back in the black - after it announced that it made profits of Dhs 642.5 million last year, up from the huge Dhs12.6 billion loss it made in 2010. However, Dhs3.9 billion of the firm's income last year came from the sale of one-time flagship projects Ferrari World and Abu Dhabi retail development Central Market. The firm also revealed that it had to take a Dhs3 billion hit due to writing down the value of its portfolio of assets and other impairments.
The Abu Dhabi government announced over $10 billion of support for the developer last year, after problems caused by a downturn in real estate.
Aldar chairman Ali Eid Al Mheiri said in a statement released last night that the high-profile firm is "entering 2012 in a stronger financial position with lower debt levels and stable cash flows" and is now "more efficient".
© 7Days 2012
