Aldar posts $3.45bn loss
Complex Made Simple

Aldar posts $3.45bn loss

Aldar posts $3.45bn loss

Aldar Properties, Abu Dhabi's largest property developer, has reported a full-year loss of Dhs12.65bn ($3.45bn) after setting aside Dhs11.3bn (3.07bn) to cover bad assets. The news follows a Dhs19.1bn ($5.2bn) bailout from the Abu Dhabi government in January this year following a writedown of Dhs10.8bn ($2.94bn) in the fourth quarter of 2010 that, according to the company, reflected plunging real estate values across the UAE and the wider region. The full-year loss of Dhs12.65bn ($3.45bn) compares with a profit of Dhs837.4m ($228m) in 2009, the state-backed developer said.

    Author
    AMEinfo Staff

    AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.

    © 2021, ADigitalcom. All rights reserved