The builder of the Yas Marina Formula One circuit made a second-quarter net profit of AED127.3 million ($34.6 million) compared with a loss of AED475.3 million in the same period last year, it said in a statement on Abu Dhabi’s bourse.

The profit missed estimates from two analysts who forecast an average of AED169 million in a Reuters poll in July.

Aldar raised an additional financing of AED4.28 billion in the first half of year, which included a new loan worth AED1.4 billion from local banks in the second quarter, a company spokesman confirmed after the announcement of the results.

The remaining financing was raised through a AED2.8 billion mandatory convertible bonds issued to Mubadala, Abu Dhabi’s investment vehicle.

Revenues for first half were AED1.56 billion compared to AED427 million for the same period last year. Second quarter revenues were not provided.

“The first half of 2011 has seen a continued focus on our core business, the prioritization of current projects and cash flow management,” Ali Eid Al-Mehairi, chairman of Aldar said in the statement.

The developer said it made AED832.1 million from the sale of completed homes and land and AED189.6 million as rental income from investment properties. 

Moody’s in June cut Aldar’s credit ratings by two notches and said it was no longer classifying the firm as a government related-issuer, citing uncertainty over future government support.

Shares of Aldar ended 1.6 percent higher at AED1.3 a share on the Abu Dhabi bourse.

The results were announced after the markets closed.