Home UAE Abu Dhabi Abu Dhabi’s Aldar Properties Q1 net profit up 14.1% The firm has reported higher profits in nine of the preceding 10 quarters by Reuters May 10, 2016 Follow us Follow on Google News Follow on Facebook Follow on Instagram Follow on X Follow on LinkedIn Abu Dhabi’s Aldar Properties reported a 14.1 per cent rise in first-quarter net profit on Tuesday, maintaining its run of improving earnings. The state-linked builder of Abu Dhabi’s Formula One circuit, which reported higher profits in nine of the preceding 10 quarters, made a profit attributable to equity holders of Dhs 649m ($176.7m) in the three months to March 31, according to its financial statement. This compares with a profit of Dhs 568.7m in the prior-year period. SICO Bahrain had forecast Aldar would make a quarterly profit of Dhs 453.6m. Aldar’s first-quarter revenue was Dhs 1.23bn, up from Dhs 1.18bn a year earlier. The developer, in which state-owned fund Mubadala Development holds a minority stake, revised its earnings statement for the first quarter of 2015 after retrospectively adopting the IFRS 15 accounting policy, it noted in a separate statement to the Abu Dhabi bourse. 0 Comments