UAE's Aldar Properties profit drops 30%, hit by higher costs | ZAWYA MENA Edition

UAE's Aldar Properties profit drops 30%, hit by higher costs | ZAWYA MENA Edition:

Aldar Properties, the largest property developer in Abu Dhabi, on Thursday reported a 30 percent fall in third-quarter profit due to higher costs and the lack of government infrastructure contracts that benefited earnings a year ago.

The state-owned builder of Abu Dhabi's Formula One circuit made a net profit attributable to owners of 421 million dirhams ($114.7 million) in the three months ended Sept. 30, its financial results showed.

That compared with a net profit attributable to owners of 598 million dirhams in the same period a year earlier.