The builder of the Yas Marina Formula One circuit said it had profit of AED144 million for the quarter ended Sept. 30, compared with a net loss of AED731.2 million in the same period a year ago, it said in a statement.
The earnings beat analyst average forecasts for profit of AED139.8 million.
Revenues for the quarter were AED3.13 billion compared with AED505.3 million in the same quarter in 2010. Revenues included 2.6 billion dirhams from land sales to the Abu Dhabi government which bailed out the indebted developer earlier this year.
In the third quarter, Aldar raised borrowings of AED734.6 million, it said in the statement.
Aldar got a $5.2 billion rescue package from Abu Dhabi earlier this year, and sold many of its properties including the Ferrari theme park and other land assets to the government.
It also issued planned mandatory convertible bonds of AED2.8 billion in March to state-owned investment vehicle Mubadala.
Aldar recently appointed Greg Fewer, an executive at Mubadala, as it new chief financial officer, in a growing indication of the government’s influence in the company.
Aldar said it earned revenues of AED67.3 million from its hotel segment and AED29.6 million from schools.
Real estate firms in UAE were hit hard by the global financial crisis in 2008 with property prices dropping by about 60 percent from its peak.
Aldar is limping back to recovery after posting record quarterly losses at the end of 2010. Investors in Aldar’s $1.1 billion Islamic bond, due on Nov. 10, are betting it will repay the issue even if it means more aid from Abu Dhabi.
Aldar’s shares ended 1 percent higher before the announcement.
