Aldar Declines as Abu Dhabi Developer’s Profit Misses Estimates - Bloomberg

Aldar Declines as Abu Dhabi Developer’s Profit Misses Estimates - Bloomberg:



"Aldar Properties PJSC (ALDAR), the developer that took over Sorouh Real Estate Co. last year, dropped in Abu Dhabi after reporting quarterly profit that missed estimates.



The shares fell as much as 5.8 percent before trimming losses to 2.7 percent at 11:07 a.m. in Abu Dhabi. Aldar, which has the fourth-highest weighting on the benchmark ADX General Index, helped drag the measure down 1 percent. 




Second-quarter profit fell to 506 million dirhams ($138 million) from 1.25 billion dirhams year earlier, the developer said in a statement today. Like-for-like profit was 189 million dirhams in the second quarter of last year after excluding 1.06 billion dirhams of one-time gain related to the takeover of Sorouh. The mean estimate of four analysts was for a profit of 583 million dirhams, according to data compiled by Bloomberg."



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