(MENAFN) Aldar Properties said that its net profit boosted by as much as 168 percent in the second quarter compared to the same quarter of 2013, reaching USD137.72 million after adjusting for one time effects booked at the time of the merger with Sorouh, according to the Emirates 24/7.
The company' revenues also boosted by 74 percent in the second quarter compared to the same quarter in 2013, reaching USD597 million.
The net profit for the second quarter was primarily driven by the continued handovers of units at the Gate Towers and strong growth in residential leasing revenues on the back of a successful leasing campaign principally at the Al Rayyana development.
Mohammed Khalifa Al Mubarak, CEO of Aldar Properties, said: "We have seen another robust set of quarterly numbers reflecting focussed execution as we continue handing over high-quality units at the Gate and further reduced our cost of borrowing."
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.