Aldar swings into profit for second quarter

Aldar swings into profit for second quarter

Aldar Properties has reported a net profit for the second quarter of financial 2011, with strong sales and rental demand boosting the bottom line.

It was the second consecutive profitable quarter for the largest property developer in the United Arab Emirates, with the openings of properties in the Al Gurm, Al Bandar and Al Raha Gardens regions of Abu Dhabi boosting revenue.

Aldar made a second-quarter net profit of US$34.6 million compared with a loss of $129 million in the same period last year.

“The first half of 2011 has seen a continued focus on our core business, the prioritisation of current projects and cash flow management,” explained Ali Eid al Mehairi, chairman of Aldar.

Aldar is also behind such iconic projects as Ferrari World, Yas Island and Abu Dhabi’s Central Market.

Revenue during the first half of 2011 increased 300 per cent, up to $420 million from $116 million for the same period last year.

Shares in Aldar ended 1.6 per cent higher at 1.3 dirhams a share on the Abu Dhabi bourse earlier.

Sales of homes and land accounted for £223 million in revenue in the first half, while recurring revenue from investments and on-going businesses more than doubled to $198 million.

Aldar ended the first half of the year with $1.4 billion in cash and bank balances.

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Ferrari World was one of the icononic properties built by Aldar

City.Mobi

Also in the Middle East today, City.Mobi is celebrating the success of its new guide to Abu Dhabi.

City.Mobi offers the most comprehensive mobile travel guides available, with over 800 cities in 200 countries listed. Each is developed by the City.Mobi team to combine into a single global travel directory.

However, each city retains its own mobile identity via a dedicated domain. Already on offer are Brussels.Mobi, Paris.Mobi, Sanfrancisco.Mobi and Sydney.Mobi.

AbuDhabi.Mobi is the latest in this illustrious line up, offering click to call functionality – which means no scribbling down telephone numbers.

Most entries are also linked to websites where users can quickly access more detailed information if needed.

Other key features include information on accommodation, restaurants, attractions, entertainment, nightlife, shopping, and transport.

City.Mobi guides include user reviews and traveller utilities such as a translation guide, currency converter, news and local weather guide.