Struggling Abu Dhabi property developer Aldar Properties reported a three-fold increase in net profit, buoyed by delivery of 1,058 high-end residential beach units, beating analyst forecasts.
Aldar, currently in merger talks with rival Sorouh Real Estate, made a second quarter net profit of 417.9 million dirhams ($113.8 million) compared with 127.3 million dirhams last year.
The results beat analyst average estimates of 40.35 million dirhams.
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