Abu Dhabi group Aldar Properties said on Tuesday it made no profit on the sale of property assets to the government for 9.1 billion dirhams ($2.5 billion) last year.

The emirate's largest developer by market value said in February it sold certain infrastructure and property assets at its developement off the coast of Abu Dhabi, including the Yas Marina Formula One racetrack, to the government.

"These assets were sold at book value and therefore there was no profit recorded in the company's financial statements," it said on Tuesday.   

Aldar made its first ever loss in the fourth quarter, of 570 million dirhams.   

On Thursday, Moody's cut the developer's rating to Ba1 from Baa2 with a negative outlook, as part of a downgrade of seven Abu Dhabi-linked companies which it pinned on a lack of explicit state support.

Earlier this month, Citigroup cut its price target for the developer to 7.7 dirhams from 8.6 dirhams. - Reuters