Abu Dhabi-based Aldar Properties has reported 35 per cent drop in net profit for the first quarter of 2009 at Dh888.6 million against Dh1,366.5 million for the corresponding period last year.
"The drop in net profit was primarily due to lower sales revenue. Aldar invested Dh5bn on construction of its development programme during the period," said a statement. Gross revenue for the period was Dh582.6m, while net operating profit was Dh14.2m. Net asset value during the period rose slightly to Dh6.42 a share from Dh6.22 at the end of 2008.
"We are pleased to report solid results in Q1 despite the ongoing international economic turmoil. Our strong financial position and well planned cash flows assure that we are in good position to meet our targets," Aldar Chairman Ahmed Ali Al Sayegh said. "We will continue to concentrate on our strategy to focus on innovative and prestigious projects by adapting our resources to fit our requirements. Our business has capability to continue to deliver good performance in these challenging times."
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