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ABU DHABI, May 9 (Reuters) - 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)