(MENAFN) Abu Dhabi's Aldar Properties announced logging a surge in its second-quarter net profit of 18.5 percent, attributed to higher recurring revenues, better margins and lower financing costs.
The state-linked company, which developed Abu Dhabi's Formula One circuit among other projects, made a profit attributable to shareholders of USD163.14 million in the three months to June 30.
The developer has now reported higher profits in eight out of nine quarters, Reuter's data shows. SICO Bahrain had forecast Aldar would make a quarterly profit of USD140 million.
However, second-quarter revenue dropped to USD302.13 million, down from USD596.1 million a year earlier. Last year, revenues were exceptionally high on a large number of deliveries.
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