February 15, 2018 / 6:09 AM / 3 months ago

UAE's Aldar Properties Q4 profit tumbles on one-time charge - CFO

ABU DHABI, Feb 15 (Reuters) - Aldar Properties, the state-linked builder of Abu Dhabi’s Formula One circuit, reported an 80 percent fall in fourth-quarter profit due to a one-time charge, its chief financial officer said on Thursday.

Aldar made a net profit attributable to owners of 141.0 million dirhams ($38.4 million) in the three months to Dec. 31, compared with 727.9 million dirhams a year earlier, CFO Greg Fewer said on a conference call.

Aldar booked a one-time charge of 495 million dirhams in the fourth quarter, he said.

SICO Bahrain forecast that Aldar would make a quarterly profit of 628.12 million dirhams.

Aldar’s full-year profit attributable to owners was 2 billion dirhams, compared with 2.78 billion dirhams in 2016, he said.

The company has a capex outlay of 5.4 billion dirhams for the next two years and is also evaluating refinancing a $750 million sukuk due in 2018, he said. (Reporting By Stanley Carvalho & Davide Barbuscia, Editing by Subhranshu Sahu)

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