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Boosted Aldar results fail to lift Abu Dhabi exchange

August 3, 2014 4:25 pm

The Abu Dhabi equity index ADXGI declined by 1.24 per cent to 4,992.52 points on Sunday, August 3.

Aldar Properties dived 3.18 per cent to AED3.65. The first developer in the UAE capital said earlier in the day it earned a net profit of AED506m ($137.87m) for the second quarter of 2014, an increase of 12 per cent over Q1 2014 and an increase of 168 per cent from Q2 2013, after adjusting for one time effects booked at the time of the merger with its former local rival Sorouh Real Estate. The merger became effective on July 1, 2014.

“The net profit for the second quarter was primarily driven by the continued handovers of units at the Gate Towers and strong growth in residential leasing revenues on the back of a successful leasing campaign principally at the Al Rayyana development,” said Aldar.

Gérard Al-Fil