Aldar Properties reports Dh478.2m net profit

Abu Dhabi: Real estate developer Aldar Properties said on Saturday that its fiscal first quarter net profit jumped to Dh478.2 million from Dh189.1 million during the first three months of 2011.

Revenue from January to March rose to Dh3,589.1 million from Dh784.7 million in the corresponding period a year earlier, Aldar said in a statement.

"The company recognised Dh3,229 million from the sale of land plots and completed residential units and development management fees, of which Dh2.2 billion was related to sale contracts signed in 2011 with the Government of Abu Dhabi and related entities," Aldar said.

Aldar said at the end of March its total cash and bank balance had risen to Dh5.8 billion from Dh4.2 billion at the end of December 2011.

Commenting on the company's results, Ali Eid AlMheiri, Chairman of Aldar Properties, said: "Aldar's financial strength is clearly evident in these results for the first quarter of the 2012 financial year. Building on the solid financial foundations that were created in 2011, these results reflect the significant deliveries of residential units and land plots at Al Raha Beach that began in the quarter and will continue through the year, supported by strong recurring revenues from our operating businesses."

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