Aldar Properties Q2 profit drops 28 percent, misses estimates | Reuters

Aldar Properties Q2 profit drops 28 percent, misses estimates | Reuters:

Aldar Properties, Abu Dhabi’s largest property developer, on Tuesday missed estimates with a 28 percent fall in second-quarter profit which it blamed on a revaluation of properties related to its retail portfolio.

“We are seeing some headwinds; in the retail portfolio, we renewed leases and updated book values,” Chief Financial Officer Greg Fewer said on a media call.

The builder of Abu Dhabi’s Formula One circuit reported a net profit attributable to owners of 446.5 million dirhams ($121.6 million) in the three months to June 30.