Aldar Properties third quarter net profit up 41%, beats estimates

Dubai: Abu Dhabi’s largest property developer Aldar Properties reported a 41 per cent rise in third-quarter net profit on Thursday, beating analyst forecasts.

The builder of Abu Dhabi’s Formula One race circuit made a profit of Dh584 million ($159 million) in the three months ending September 30, compared with Dh413 million in the corresponding period in 2013, it said in a statement on the bourse.

SICO Bahrain and HSBC had expected Aldar to make quarterly profit of DH382.6 million and Dh441.9 million respectively.

Revenue for the quarter was Dh1.37 billion, up 17 per cent, the statement added.