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- Dubai 05:15 06:31 12:06 15:11 17:35 18:51
Continuing global economic slowdown affects property sales, (FILE)
Aldar Properties, Abu Dhabi's largest developer by market value, missed forecasts with a second-quarter net loss of Dh475.3 million ($129.4 million) hit by lower property sales and investment valuations.
The results reversed a profit Dh251.4 million a year earlier.
The first-quarter loss was Dh314.2 million.
Aldar shares have shed half their value this year.
"With the ongoing impact of the difficult global economic situation, this has been a very challenging first half of the year for the entire sector," Chairman Ahmed Ali al Sayegh said in the statement.
In April, Nomura upgraded Aldar to "neutral" from "reduce" saying it prefers the largest, most liquid real-estate stocks with strong balance sheets and good corporate governance.
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