(MENAFN) Abu Dhabi-based Aldar Properties recorded a net profit of USD168.3 million in the first quarter of the year, marking a decent increase of 36 percent year-on-year, Arabian Business reported.
The company attributes its prolific results to reduced costs and increased income from its rental businesses. The quarterly profit compares to the USD123.4 million recorded a year earlier.
Aldar's core businesses revolve around property sales and construction, but it also undertakes housing leases, retail and office units. Additionally, Aldar has a portfolio of 2,500 hotel rooms.
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