Abu Dhabi’s largest property developer, Aldar, saw its profits drop by 35 % in the first three months of the year compared with the same period last year, as sales slowed to a near halt and the company focused on building its projects.
Profits for the first quarter were Dh888.6 million (US$241.9m). The company’s drop in net operating profit to Dh14.2m was worse, compared with Dh982m for the same period last year.
Net operating profit is income that comes from cash-generating items on the balance sheet, like sales of property.
The first quarter saw revenue also drop to Dh528.6m from Dh2.2 billion in the first quarter of last year.