Aldar's Q2 forecast downgraded by EFG-Hermes
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Aldar's Q2 forecast downgraded by EFG-Hermes

Aldar's Q2 forecast downgraded by EFG-Hermes

Abu Dhabi-based Aldar Properties' Q2 forecast has been downgraded by EFG-Hermes "due to a slower-than-expected handover process for units," Emirates Business has reported. The investment bank expects Aldar to post revenues of Dhs307.9m, compared to an earlier estimated Dhs1.4bn, and a net loss of Dhs266.4m compared with an earlier forecast of Dhs105m, for the quarter ended June 30, 2010. "Unit handovers have been slower than expected such that units within the Al Bandar precinct on Al Raha Beach are currently in the 'snagging' process, with handovers expected to commence in Q3 2010," analyst Jad Abbas told the daily.

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