Profits of Abu Dhabi's Aldar decline 39 percent in 2020 starting quarter

2020-05-28 02:28:41

(MENAFN)

Real estate developer based in Abu Dhabi, Aldar Properties, said on Thursday that it suffered a 39 percent drop in its profits in the starting quarter of 2020 and said that it might delay new projects over the coronavirus outbreak.

Reuters said that the company saw its profits reach a total of USD82.2 million in the starting three months of the current year in comparison with USD134.22 reported a year earlier.

The decline came mostly due to a one-off write down in the recurring income assets value, the company said, adding that a 68 percent drop in pre-construction sales came as there were no new projects made in the quarter, the revenue of the company came in flat at USD480 million.

The company said that even though the outbreak of coronavirus would impact its operating environment for the current year, the lasting effects remain unclear.

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