Abu Dhabi’s biggest developer reports loss for the third consecutive quarter
Abu Dhabi’s biggest developer Aldar Properties has made a loss for the third consecutive quarter. The firm behind developments including the £13bn Al Raha Beach project in Abu Dhabi reported a loss of 789.5m dirhams (£135.7m) for the first half of 2010 compared to a profit of 1.1bn dirhams for the period ended 30 June 2009.
Revenue for the period was 427m dirhams compared 1bn dirhams for the same period last year.
Previously the developer reported its first ever quarterly loss, totaling over 500m dirhams for the fourth quarter of 2009.
Aldar put the results down to reduced property sales as the UAE. Ahmed Al Sayegh, chairman of Aldar Properties, said: “With the ongoing impact of the difficult global economic situation, this has been a very challenging first half of the year for the entire sector… However, is well positioned to benefit from the improved conditions expected in the second half of the year, with the added positive impact of the delivery of a number of flagship developments such as the Al Bandar residential development, Ferrari World Abu Dhabi theme park and the iconic HQ office building.”
For the first quarter of this year Aldar reported a net loss of 314.2m dirhams (£55m) compared with profit of 888.6m dirhams in the same quarter of 2009.