Aldar pulls off another strong quarter to net Dh620 million

Dubai: Aldar Properties, Abu Dhabi's leading listed property development, investment and management company, has maintained its momentum by recording a net profit of Dh620 million for the first three months of 2015, up 36 per cent from a year ago.

The gains were led by the full quarter trading at Yas Mall, where 75 per cent of the space has already seen tenants launch operations, and more to follow in July and August.

Aldar’s development portfolio continues to boost the numbers, according to a top official. The Abu Dhabi developer also repaid Dh1 billion of loans during the quarter.

Net debt-to-equity was down to 16 per cent from the 25 per cent recorded at the end of the fourth quarter last year. The cash position improved to Dh5.2 billion as of the end of March this year.