Aldar's profit down by 43% in the third quarter to £71m
Profit fell at Abu Dhabi’s biggest developer Aldar by 43% in the third quarter of the year but executives at the state-linked firm say the UAE market is improving.
Aldar made £71m (430m dirham) in the third quarter. This was less than the £465m it made in the same quarter in 2008, but better than the £41m it made in the second quarter of 2009.
Developments under construction in 2009 so far increased 58% compared with end 2008, to £5.9bn.
Aldar's chief financial officer, Shafqat Malik, told Reuters this week that the company made land sales in the third quarter, after it had sold nothing in the first half of the year.
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