Aldar Properties Q2 profit drops 80 per cent

Abu Dhabi developer Aldar Properties posted an 80 per cent fall in second-quarter net profit yesterday as it sold no land during the first half of the year.

The largest developer in Abu Dhabi by market capitalisation made second-quarter net profit of Dh251.4 million ($68.44m), according to Reuters calculations. The results fell short of an average forecast of Dh283.5m in a Reuters survey of analysts earlier this month.

"Aldar is in negotiations relating to the sale of land plots but the challenging market conditions have extended the negotiation period," the company said in a statement.

Aldar made net profit of Dh1.14 billion in the first half of the year, compared with Dh2.6bn a year earlier, the firm said, without giving quarterly data.

Aldar Properties reported net profit attributable to shareholders of Dh1.24bn in the second quarter of 2008 and Dh888.6m in the first quarter of this year.

Gross revenue for the first half was Dh1.1bn and developments under construction rose by 44.8 per cent to Dh33.2bn. Aldar's shares last traded at Dh3.93 a share on ADX.

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