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Aldar Properties posts 15% YOY rise in Q1 net profit

AldarProperties PJSC reported first-quarter net profit of 654 millionUnited Arab Emirates dirhams, up 15% from 570.7 million dirhams a year earlier.

Revenue for the quarter ended March 31 came to 1.23 billion dirhams,up from 1.18 billion dirhams in the first quarter of 2015. Gross profit fromrecurring revenue rose 10% to 403 million dirhams, reflecting the impact of thefully trading Yas Mallin Abu Dhabi.

During the reporting period, Aldar achieved sales totaling940 million dirhams across its developments and the residential development in AbuDhabi by selling 320 units in off-plan development sales.

In April, Aldar launched Yas Acres, a 6 billion-dirham golf and waterfrontdevelopment that will include 1,315 villas and townhouses.

As of May 9, US$1 wasequivalent to 3.67 United Arab Emirates dirhams.