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Aldar posts losses of Dh314.2 million in Q1
ABU DHABI — Aldar Properties has incurred a net loss of Dh314.2 million in the first three months of this year compared to a net profit of Dh888.6 million during the first quarter of last year.
This is the second consecutive quarter that this property giant of Abu Dhabi is showing losses. The company had suffered a loss of nearly Dh565 million in the fourth quarter of 2009.
A release received from the company said here on Thursday that this profit crash was primarily due to lower gains from fair valuation of investment properties. The company had recognised Dh919.8 million as fair value gains in the first quarter of 2009, compared to Dh12.2 million for current period.
Aldar’s revenue in the first quarter of this year was Dh227.0 million compared to Dh496.6 million for the period ended on March 31, 2009, the release said adding that the 54.3 per cent decrease was mainly due to lack of property sales. However, the company has started to see steady income in recurring revenue from its commercial and hotel operations, the release claimed. Net asset value stood at Dh16.32 billion at the of March 31 this year compared to Dh16.65 billion as on December 31, last year. Investment in projects under construction, comprising of investments in properties under development and development work in progress, was Dh19.52 billion in the first quarter of this year compared to Dh17.92 billion at the end of 2009. The release said the company has achieved significant progress has been made across its development portfolio during the first quarter, particularly at Al Raha Beach where units in the Al Bandar project will be handed over to owners from June.
Tenant fit out at the iconic grade A HQ office building will begin in May and more than 50 per cent of the space there is already under offer.
Master-planning for the next phases at Yas Island is well advanced and Ferrari World Abu Dhabi will open in the second half of 2010. The golf clubhouse, annexed to the region’s first Links golf course, opened in March and is already exceeding projected membership levels. The Yas Links golf course is firmly on track for opening in the current quarter. At the Central Market mixed-used development, the Souk will open in second half of this year and work is progressing to programme on the remainder of the project scheduled for delivery in 2012.
Conditions are challenging but we were encouraged by the range of new projects recently announced, including a major infrastructure project for Al Ain Municipality, and remain fully committed to our mandate of playing its part in the Plan Abu Dhabi 2030, the release said quoting Ahmed Al Sayegh, Chairman of Aldar Properties. —ramavarman@khaleejtimes.com
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