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Aldar Properties back into black

By Zainab Fattah  www.khaleejtimes.com

Aldar Properties PJSC, Abu Dhabi biggest real-estate developer by market value, reported a profit after five quarterly losses, as it delivered more completed homes to buyers.

Aldar PropertiesFirst-quarter net income was Dh189.1 million ($51.5 million) compared with a loss of Dh314.2 million a year earlier, the company said in an e-mailed statement on Thursday. The median estimate of four analysts was for a loss of Dh177 million, according to data compiled by Bloomberg.

The developer, which reported a full-year net loss of Dh12.7 billion, will have “much better” results in 2011, Chief Executive Officer Sami Asad said on April 17.

The developer said first-quarter revenue more than tripled to Dh784.7 million compared with a year ago, chiefly from the delivery of completed residential units at the Al Gurm and Al Bandar developments and growing recurring income such as rents. Aldar also said it cut general and administrative expenses by almost 50 per cent, excluding depreciation.

“This improved operational performance is a positive step, and the entire business is fully focused on delivering sustained returns to all of its shareholders by concentrating on our core business, prioritising current projects and managing cash flow,” Ali Eid Al Mehairi, who was appointed chairman last month, said in the statement.

Aldar’s impairments and fair value losses were Dh11.3 billion last year.

Aldar’s hotels and schools generated Dh191.7 million, while rental income on investment properties added Dh93.1 million.

The company’s project management and asset management services added Dh66.6 million. Net asset value increased by 5.8 per cent in the first quarter of 2011 compared with December 31, 2010, the company said without being more specific.

Aldar booked the sale of the theme park and related assets and sold Dh2.8 billion worth of convertible bonds to Mubadala Development Co, a state-owned investment company. As a result the company’s cash and bank balances rose to Dh6.16 billion from Dh3.72 billion at the end of last year.

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