ABU DHABI, May 9 (Reuters) - Aldar Properties
ALDR.AD
, the state-linked builder of Abu Dhabi's Formula One circuit, reported a small drop in first quarter profit on Tuesday but beat analysts forecast.
Aldar made a net profit attributable to shareholders of 637.0 million dirhams ($ 174.0 million) in the three months to March 31 compared to 649.05 million dirhams in the prior-year period, a company spokesperson said.
Aldar, in a statement to the bourse said its first quarter net profit was 641.0 million dirhams.
SICO Bahrain and EFG Hermes had forecast Aldar would make a quarterly a profit of 509.07 million dirhams and 600.00 million dirhams respectively
ID:nL8N1I41YN
.
Aldar's first quarter revenue grew 26 percent to 1.58 billion dirhams, the statement said.
(Reporting By Stanley Carvalho, editing by Simon Cameron-Moore) ((stanley.carvalho@thomsonreuters.com; + 9712 6444431; Reuters Messaging: stanley.carvalho.thomsonreuters.com@reuters.net))
Aldar made a net profit attributable to shareholders of 637.0 million dirhams ($ 174.0 million) in the three months to March 31 compared to 649.05 million dirhams in the prior-year period, a company spokesperson said.
Aldar, in a statement to the bourse said its first quarter net profit was 641.0 million dirhams.
SICO Bahrain and EFG Hermes had forecast Aldar would make a quarterly a profit of 509.07 million dirhams and 600.00 million dirhams respectively
Aldar's first quarter revenue grew 26 percent to 1.58 billion dirhams, the statement said.
(Reporting By Stanley Carvalho, editing by Simon Cameron-Moore) ((stanley.carvalho@thomsonreuters.com; + 9712 6444431; Reuters Messaging: stanley.carvalho.thomsonreuters.com@reuters.net))
