Aldar net profit doubles, shares dive
- United Arab Emirates: Monday, February 04 - 2013 at 15:20
The ADX General Index added 0.33%, ending at 2,890.24 points. The emirate's biggest developer Aldar Properties fell 4.17% to Dhs1.38. Earlier in the day, Aldar said the net income in 2012 doubled year-on-year to reach Dhs1.34bn. The firm's net asset value was up 15.3% to hit Dhs8.2bn, up from Dhs7.1bn. Last month, the board of directors gave green light to recommend to shareholders to merge with Abu Dhabi's second developer Sorouh Real Estate. Ali Eid AlMheiri, Chairman of Aldar Properties said "shareholders will benefit from both the continued efforts of our employees to realise value from our sizeable asset base and from our proposed merger with Sorouh that will create a significantly stronger platform from which to drive sustainable growth." Shares of developer Eshres were the most liquid securities Monday, closing 3.85% higher at Dhs0.54.
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