Aldar reports 9.5% rise in Q3 2015 net profits

Aldar Properties recorded a profit of $172.7m in the third quarter of 2015 - in comparison with $157.8 for the corresponding period in 2014

Aldar Properties reported a 9.5% rise in Q3 2015 net profits.
Aldar Properties reported a 9.5% rise in Q3 2015 net profits.

Aldar Properties has reported a 9.4% in net profits for the third quarter of 2015.

The Abu Dhabi-based developer recorded a profit of $172.7m (AED634.3m) in comparison with (AED579.6m) for the corresponding year of 2014, a bourse statement revealed.

The company, who is the state-linked builder of Abu Dhabi's Formula One circuit, reported higher profits in nine of the past 10 quarters - with the latest rise being despite a 14% drop in quarterly revenue. 

Meanwhile, Aldar recorded a quarterly gross profit margin of 47%, up from 26% in the prior-year period.

Recurring revenues - from leasing, commercial, retail, residential and hotel units - delivered a third-qarter profit of (AED349m) - in comparison with 238m in 2014.

This increase follows the opening of the 2,500,000 sq ft Yas Mall in November 2014.

All units at the mall are leased, while as of September 30, its residential portfolio of 4,800 homes was 99% occupied, office units were 92% leased and hotel occupany was 79% for the first nine months of 2015, the company said. 

 

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