Aldar Properties, Abu Dhabi’s largest property developer, saw its profits drop by 35 per cent in the first three months of the year compared with the same period last year, as sales slowed to a near halt and the company focused on building its projects.
Profits for the first quarter were Dh888.6 million (US$241.9m). The company’s drop in net operating profit to Dh14.2m was worse, compared with Dh982m for the same period last year.
Net operating profit is income that comes from cash-generating items on the balance sheet, like sales of property.
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