Aldar Properties sales boost '07 revenue
Aldar Properties said land sales accounted for 75 per cent of its revenue last year, and the value of investment properties under development more than tripled to Dh4.52 billion ($1.23 billion).
The sale of residential units accounted for most of the remainder of revenue, which rose 12-fold to Dh1.23 billion ($337 million), the second-largest UAE real estate developer by market value, said on Wednesday on the Abu Dhabi bourse Web site.
Land sales were Dh919.5 million ($251.9 million) and residential sales Dh268 million ($73.4 million), it said.
On Tuesday, the state-controlled firm reported a 55 per cent increase in 2007 profit, implying a fourth-quarter rise of almost 23 per cent, according to Reuters calculations.
Debt rose almost 17-fold to Dh10.56 billion ($2.9 billion) at year-end, compared with Dh635 million ($174 million) on December 31, 2006, the developer said.
Construction costs rose almost five-fold to Dh648 million ($177.5 million), it said.
It posted an operating profit of Dh120.1 million ($32.9 million) to reverse a loss of Dh164.7 million ($45.1 million) a year earlier, it said on Tuesday. (Reuters)
Follow Emirates 24|7 on Google News.