Aldar Reports Third Quarterly Loss as Property Sales Drop, Misses Forecast - Bloomberg

Aldar Properties PJSC reported its third consecutive quarterly loss as the biggest real-estate developer in Abu Dhabi suffered from lower sales.

Second-quarter loss was 475.3 million dirhams ($129.5 million), according to Bloomberg calculations based on half- yearly data provided by the company today. The average estimate of seven analysts was for a loss of 210 million dirhams for the quarter, according to data compiled by Bloomberg. The company said first-half loss was 789.5 million dirhams after a profit of 1.14 billion dirhams a year earlier.

“The decrease was principally due to lower property sales recognized,” Aldar said in an e-mailed statement. “The second half of this financial year is expected to be different due to the revenue generated from the delivery of Aldar’s projects at Al Raha Beach and Al Gurm.”