DUBAI: Aldar Properties, Abu Dhabi’s largest developer by market value, expects to swing to profit in the third and fourth quarters due to project deliveries, an executive was reported as saying.
In an interview with Arabic daily Al Bayan, Chief Commercial Officer Mohamed al-Mubarak said the company has enough liquidity to finance its projects and plans to announce new projects soon, adding there were no plans to convert Aldar into a private entity.
When asked if losses will continue for the remainder of the year, Mubarak told the paper: "No, the third and fourth quarters will see a significant and large improvement on the back of project deliveries … and an upturn in the Abu Dhabi property and land market."
Aldar missed forecasts with a second-quarter net loss of $129.4 million hit by lower property sales and investment valuations.
"We will announce new residential projects, which we will be announcing soon for Yas Island and Al Raha Beach, comprising of villas and residential units for high and mid-income users," Mubarak added.
He said Aldar sold 60 percent of its properties so far to foreign and national investors.
The government owns a 37 percent stake in Aldar.
