Aldar Says Third-Quarter Profit Doubles on Land Sale, Revenue - Bloomberg

Aldar Says Third-Quarter Profit Doubles on Land Sale, Revenue - Bloomberg:

"Aldar Properties PJSC (ALDAR), the Abu Dhabi developer that took over competitor Sorouh Real Estate Co. this year, said third-quarter profit almost doubled on higher rental income from investment properties and a land sale.
Net income rose to 407.5 million dirhams ($111 million), or 5 fils a share, compared with 205.7 million or 5 fils a share, the company said in a statement today. Revenue decreased 27 percent to 1.17 billion dirhams, while general and administrative costs more than doubled to 73.1 million dirhams.
Aldar completed the Sorouh acquisition on June 30, creating a developer with $13 billion of assets. The company has about 12 billion dirhams of its total debt of 14 billion dirhams due by the end of next year, Chief Financial Officer Greg Fewer said Aug. 7. Aldar’s $1.2 billion bond matures in May 2014."

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