REFILE-UAE's Aldar Properties Q1 profit drops, plans $749 mln capex in 2019 - Reuters:
Aldar Properties, the largest property developer in Abu Dhabi, plans capital expenditure of 2.75 billion dirhams ($749 million) in 2019, its chief financial officer said after the company reported a 17.3% drop in first-quarter profit.
The state-linked builder of Abu Dhabi’s Formula One circuit made a net profit attributable to owners of 553 million dirhams in the three months to March 31, it said on Tuesday. That compared with a net profit attributable to owners of 669.5 million dirhams in the same period a year earlier.
SICO estimated a first-quarter profit of 546.61 million dirhams for Aldar, while EFG Hermes’ estimate was for 600 million dirhams.
The lower net profit was partly dented by impairments and writedowns that almost doubled. Revenue totalled 1.77 billion dirhams in first quarter compared with 1.5 billion dirhams a year earlier. Aldar’s spending in 2019 is earmarked for residential and some commercial projects, said Chief Financial Officer Greg Fewer on a media call.
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