Abu Dhabi – Mubasher: Aldar Properties on Monday said that its net profits retreated 20% year-on-year in the third quarter of 2017.

Net profits reached AED 601 million ($163.6 million) in Q3-17, compared to AED 747.8 million ($203.54 million) in Q3-16, according to a statement to the Abu Dhabi Securities Exchange (ADX).

Year-on-year, revenues plunged 27.3% to reach AED 1.38 billion in Q3-17, compared to AED 1.89 billion.

At the level of the first nine months of 2017, the company’s profits decreased 9% to AED 1.86 billion, from AED 2.05 billion.

Earnings per share (EPS) reached 23.7 fils from January until September 2017, compared to EPS of 26.1 fils in the same period in the year before.

Revenues tumbled 11% to AED 4.312 billion in the first nine months of 2017, from AED 4.826 billion in the corresponding period in the year earlier.

“Aldar has delivered another set of solid results. The exceptional response to our new development, Water’s Edge, launched at Cityscape Global, cements our reputation for delivering desirable destinations in Abu Dhabi,” the chairman, Mohamed Khalifa Al Mubarak said.

“Our asset management business delivered a resilient performance during the quarter and we are pleased to be acquiring International Tower, a high-quality office building, further strengthening the portfolio,” Al Mubarak added.

“Aldar continues to assess the market for other attractive acquisition opportunities in line with our commitment to drive growth of long-term recurring revenues,” the company’s chairman concluded.