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Aldar’s profit drops over 28% in Q2

Aldar’s profit drops over 28% in Q2
Aldar Properties' HQ in Abu Dhabi
Aldar
ALDAR
-0.45% 2.19 -0.01

Abu Dhabi – Mubasher: Aldar Properties on Tuesday said its profits declined during the second quarter and first half of 2018.

The Abu Dhabi-based giant developer logged AED 445.227 million ($121.24 million) between April and June, down 28.2% year-on-year from AED 620.136 million ($168.86 million).

However, the company’s revenues hiked to AED 1.5 billion in Q2-18 versus AED 1.35 billion in the year-ago period, Aldar said in a statement to the Abu Dhabi Securities Exchange (ADX).

The developer's financial costs increased to AED 74.41 million in the three-month period ended 30 June 2018, in comparison with AED 62.36 million in the same period of 2017.

Basic and diluted earnings per share (EPS) decreased to AED 0.057 from April to June, compared to AED 0.079 the year before.

As for the first six months of 2018, the Abu Dhabi-listed developer reported a net profit decrease to AED 1.114 billion from AED 1.261 billion in H1-17.

Aldar Properties previously posted a 4% year-on-year growth in net profit to AED 668 million in Q1-18.