Aldar Properties ALDR.AD, the struggling developer rescued by Abu Dhabi last month, reported a full year loss of 12.7 billion dirhams ($3.46 billion) on Tuesday after taking massive impairments and provisions.
The property developer, which got a $5.2 billion Abu Dhabi government bailout, said it took writedowns of 11.3 billion last year with most of it -- 10.8 billion dirhams -- booked in the fourth quarter.
The developer said its 2010 loss before impairments was 1.35 billion dirhams. That compares with 2009 profit of 1.01 billion dirhams.
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