Abu Dhabi developer Aldar reports rise in Q1 net

Dubai

ALDAR Properties PJSC, Abu Dhabi's largest developer and the builder of a Ferrari theme park, posted first quarter profit that beat analysts' estimates as recurring income rose and home sales held up amid demand from families.

Net income advanced to 649 million dirhams (S$242 million) compared with 569 million dirhams a year earlier, the company said in a statement to the Abu Dhabi stock market on Tuesday. The mean estimate of four analysts was for profit of about 431 million dirhams, according to data compiled by Bloomberg.