Writedown hits bottom line for TDIC with loss of Dh1.13bn | The National: "Abu
Dhabi’s Tourism Development and Investment Company lost Dh1.13 billion last year amid a writedown of more than Dh600 million on hospitality assets.
In a filing of its accounts for last year with the London Stock Exchange on Monday, TDIC said it had agreed to write down Dh658.4m on the sale of hospitality assets for Dh948m. It did not specify what the hospitality assets were.
Construction costs for the developer of Saadiyat Island surged last year. The construction cost of residences there is listed at Dh1.93bn in the London filing, under the heading of direct costs from residential sales. The previous year, similar costs were reported as Dh203 million.
Still, TDIC narrowed its annual loss from Dh2.15bn in 2012. The company, established in 2006, also reported losses in 2008, 2009 and 2010."
'via Blog this'
No comments:
Post a Comment