Aldar Properties ALDR.AD, the second-biggest UAE property developer by market value, said first-quarter profit tripled on sales of land and property after relying on leasehold in the previous year.
Net income in the three months to March 31 surged to 1.366 billion dirhams ($372 million), or 0.59 dirhams per share, compared with 450.67 million dirhams, or 0.26 dirhams per share, in the year-earlier period, the Abu Dhabi state-controlled developer said.
"It is the sales of land and property that drove net profit so high in the first quarter," Shafqat Malik, chief financial officer told Reuters.
Deutsche Bank and Dubai-based investment bank Shuaa Capital had forecast in a Reuters survey last month that Aldar would make a first-quarter profit of 1.1 billion dirhams and 650 million dirhams respectively.
Asked if the firm would be able to sustain a similar level of growth, Malik said: "Yes we will show healthy growth on a year on year basis but not every quarter like this."
"It is a development company and the deals are bulky ones so in every quarter you may not do such deals," he added.
Revenue in the first three months of 2008 stood at 2.23 billion dirhams. (Reuters)
Net income in the three months to March 31 surged to 1.366 billion dirhams ($372 million), or 0.59 dirhams per share, compared with 450.67 million dirhams, or 0.26 dirhams per share, in the year-earlier period, the Abu Dhabi state-controlled developer said.
"It is the sales of land and property that drove net profit so high in the first quarter," Shafqat Malik, chief financial officer told Reuters.
Deutsche Bank and Dubai-based investment bank Shuaa Capital had forecast in a Reuters survey last month that Aldar would make a first-quarter profit of 1.1 billion dirhams and 650 million dirhams respectively.
Asked if the firm would be able to sustain a similar level of growth, Malik said: "Yes we will show healthy growth on a year on year basis but not every quarter like this."
"It is a development company and the deals are bulky ones so in every quarter you may not do such deals," he added.
Revenue in the first three months of 2008 stood at 2.23 billion dirhams. (Reuters)
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