February 12, 2015 / 4:32 AM / 3 years ago

Abu Dhabi's Aldar Q4 net profit rises 61 pct

* Q4 profit 696.3 mln dirhams vs 432.6 mln dirhams a yr ago

* Q4 revenue 1.37 bln dirhams vs 1.33 bln dirhams a yr ago

* 2014 annual profit 2.24 bln dirhams vs 2.25 bln dirhams in 2013

By Matt Smith

DUBAI, Feb 12 - Abu Dhabi’s Aldar Properties reported a 61 percent rise in fourth-quarter net profit on Thursday, beating an analyst forecast.

The state-run builder of Abu Dhabi’s Formula One circuit made a profit attributable to shareholders of 696.3 million dirhams ($189.57 million) in the three months to Dec. 31, according to Reuters calculations based on a company statement.

This compares with a profit of 432.6 million dirhams in the corresponding period of 2013.

SICO Bahrain forecast Aldar would make a quarterly profit of 462.4 million dirhams.

Aldar’s fourth-quarter revenue was 1.37 billion dirhams. This was up from 1.33 billion dirhams a year earlier, according to Reuters calculations.

The company’s annual profit was 2.24 billion dirhams in 2014, a bourse filing said. This compares with a profit of 2.25 billion dirhams in 2013.

State-owned fund Mubadala Development Co owns 30 percent of Aldar, Reuters data shows.

Aldar merged with rival Abu Dhabi developer Sorouh Real Estate in June 2013. ($1 = 3.6730 UAE dirhams) (Reporting by Matt Smith; Editing by David French)

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