DUBAI, May 14 (Reuters) - Abu Dhabi’s Aldar Properties reported a 36 percent rise in first-quarter net profit on Thursday as costs fell.
The state-linked builder of Abu Dhabi’s Formula One circuit made a profit of 618 million dirhams ($168.25 million) in the three months to March 31, it said in a bourse statement.
This compares with a profit of 453.4 million dirhams in the corresponding period of 2014. It had reported higher profits in six of the preceding seven quarters.
SICO Bahrain forecast Aldar would make a quarterly profit of 509.2 million dirhams.
Aldar’s first-quarter revenue was 1.38 billion dirhams, down from 1.72 billion dirhams a year earlier, but direct costs dropped by a bigger margin - to 737.5 million dirhams from 1.37 billion dirhams in the prior-year period.
State-owned fund Mubadala Development Co owns 30 percent of Aldar, Reuters data shows.
$1 = 3.6730 UAE dirhams Reporting by Matt Smith