Abu Dhabi – Mubasher: Aldar Properties posted a 5.2% year-on-year decline in its profits during the second quarter of 2017, according to a bourse statement.
Net profits reached AED 620.13 million ($ 168.8 million) in Q2-17, compared to AED 654.20 million ($178.07 million) in Q2-16.
Revenues fell 20.1% to AED 1.35 billion in Q2-17, compared to AED 1.69 billion in Q2-16.
Financing costs rose 6% to AED 62.35 million in Q2-17, compared to AED 58.28 million in Q2-16.
In the first half of 2017, profits declined 3% to AED 1.26 billion from AED 1.3 billion achieved in the prior-year period.
The profit decline is mainly attributed to higher general and administrative expenses.
Other revenues declined 13% to AED 371.17 million in H1-17, compared to AED 425.6 million in H1-16.
