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FIRM CUTS COSTS

Aldar Properties nearly doubles Q3 profit

Abu Dhabi, November 7, 2013

Aldar Properties, Abu Dhabi's biggest property developer, reported a 98 percent rise in third-quarter net profit on Thursday, beating analysts' estimates, as it cut costs and write-downs.

The builder of Abu Dhabi's Formula One race track made a profit of 407.5 million dirhams ($111.0 million) compared with 205.7 million dirhams in the corresponding period of 2012, the company said in a statement on Abu Dhabi's bourse.

Four analysts polled by Reuters had forecast a net profit of 241.3 million dirhams on average.

Aldar said in a separate statement that its board was considering refinancing existing debt through loans or sukuk.

Sources familiar with the matter had earlier told Reuters that Aldar was talking to banks about raising a bridge loan of up to $1.5 billion with an option to convert it later into a bond.

Aldar and former rival Sorouh Real Estate merged operations in June as part of a state-backed deal, forming Abu Dhabi's largest property firm with assets of $13 billion.  - Reuters




Tags: abu dhabi | Aldar | property |

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