Abu Dhabi-listed Aldar Properties reported a net profit of AED 620 million for the second quarter of this year, five percent lower than the AED 654 million income reported in Q2 2016.
The company’s net income for the first six months of the year slipped to AED 1.26 billion, compared to last year’s H1 of AED 1.31 billion.
The revenues for H1 were stable year-on-year at AED 2.93 billion, supported by revenue recognition on developments under construction.
“The mid-market segment continues to be underserved,” the company said in a bourse statement.
The company said it plans to develop more mid-market residential products around its key destinations.
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