DUBAI: Abu Dhabi's Aldar Properties reported a 61 percent rise in fourth-quarter net profit on Thursday, beating an analyst forecast.
The state-run builder of Abu Dhabi's Formula One circuit made a profit attributable to shareholders of 696.3 million dirhams ($189.57 million) in the three months to Dec. 31, according to Reuters calculations based on a company statement.
This compares with a profit of 432.6 million dirhams in the corresponding period of 2013.
SICO Bahrain forecast Aldar would make a quarterly profit of 462.4 million dirhams.
Aldar's fourth-quarter revenue was 1.37 billion dirhams. This was up from 1.33 billion dirhams a year earlier, according to Reuters calculations.
The company's annual profit was 2.24 billion dirhams in 2014, a bourse filing said. This compares with a profit of 2.25 billion dirhams in 2013.
State-owned fund Mubadala Development Co owns 30 percent of Aldar, Reuters data shows.
Aldar merged with rival Abu Dhabi developer Sorouh Real Estate in June 2013.
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