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.
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