Abu Dhabi's Tourism Development Investment Company (TDIC), builder of branches of the Louvre and Guggenheim, made a net loss of 1.27 billion UAE dirhams ($346 million) in 2011 due to asset writedowns amid a regional property slump.
The state-owned company added that higher deliveries of residential properties this year may help the state-owned developer break even in 2012.
The loss, "driven predominantly by increased depreciation of newly completed assets, was lower than projected due to strong cost control across the company", TDIC said in a statement on state news agency WAM.
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