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Abu Dhabi's Aldar Properties Q1 net profit gains 14%

Abu Dhabi's Aldar Properties reported a 14.1 percent rise in first-quarter net profit on Tuesday, maintaining its run of improving earnings.

The state-linked builder of Abu Dhabi's Formula One circuit, which reported higher profits in nine of the preceding 10 quarters, made a profit attributable to equity holders of 649.0 million dirhams ($176.7 million) in the three months to March 31, according to its financial statement.

This compares with a profit of 568.7 million dirhams in the prior-year period. SICO Bahrain had forecast Aldar would make a quarterly profit of 453.6 million dirhams.

Aldar's first-quarter revenue was 1.23 billion dirhams, up from 1.18 billion dirhams a year earlier.

The developer, in which state-owned fund Mubadala Development holds a minority stake, revised its earnings statement for the first quarter of 2015 after retrospectively adopting the IFRS 15 accounting policy, it noted in a separate statement to the Abu Dhabi bourse.

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