Dubai: Aldar Properties PJSC, Abu Dhabi's leading property development investment and management company, reported a Dh314.2 million loss during the first quarter of 2010, compared to net profits of Dh888.6 million reported during the corresponding period last year.
Revenue for the period was Dh227 million compared to Dh496.6 million for the period ended 31 March 2009.
“The 54.3 per cent decrease was mainly due to lack of property sales. However, the company has started to see steady income in recurring revenue from its commercial and hotel operations,” the company said in a statement.
Net asset value stood at Dh16.31 billion at the reporting date compared to Dh16.65 billion at 31 December 2009. Investment in projects under construction (comprising investment properties under development and development work in progress) was Dh19,521.0 million compared to Dh17,923.6 million at the end of 2009.
Ahmed Al Sayegh, Chairman of Aldar Properties, commented: “Aldar remains focused on the timely delivery of our existing development pipeline which will see the creation of a solid, long term investment portfolio and the expansion of our operational and asset management capabilities.Conditions are challenging but we were encouraged by the range of new projects recently announced, including a major infrastructure project for Al Ain Municipality, and remain fully committed to our mandate of playing its part in the Plan Abu Dhabi 2030.”
