ABU DHABI May 9 Aldar Properties, the
state-linked builder of Abu Dhabi’s Formula One circuit,
reported a small drop in first quarter profit on Tuesday but
beat analysts forecast.
Aldar made a net profit attributable to shareholders of
637.0 million dirhams ($ 174.0 million) in the three months to
March 31 compared to 649.05 million dirhams in the prior-year
period, a company spokesperson said.
Aldar, in a statement to the bourse said its first quarter
net profit was 641.0 million dirhams.
SICO Bahrain and EFG Hermes had forecast Aldar would make a
quarterly a profit of 509.07 million dirhams and 600.00 million
dirhams respectively .
Aldar’s first quarter revenue grew 26 percent to 1.58
billion dirhams, the statement said.
(Reporting By Stanley Carvalho, editing by Simon Cameron-Moore)