Aldar Properties, the Middle East’s second-biggest developer by assets, reported its first- ever loss in the fourth quarter on revaluations and hotel- opening expenses, chief financial officer Shafqat Malik said.
The Abu Dhabi-based company had a fourth-quarter loss of $153m, Malik said in a telephone interview late yesterday. The loss compared with a profit of 84.4 million dirhams in the year-earlier period, Bloomberg data shows. Analysts expected a profit of 406.7 million dirhams, according to the mean of nine estimates in a Bloomberg survey.
Aldar is building thousands of homes, offices and hotels in the United Arab Emirates’ capital. The company hosted a Formula One race for the first time in November, after building a track and seven hotels.