Abu Dhabi's Aldar Properties posted a 50 percent rise in third-quarter net profit to Dh760 million ($206.9 million) mainly on sales revenue.

The company, the UAE's second-largest developer by market value, made Dh3.36 billion in the nine months ended Sept 30, up 137.9 percent from the same period last year, it said in a statement.
Reuters calculated the third quarter net profit at Dh760 million, up from Dh505.45 million a year ago.

Analysts' forecasts for Aldar's quarterly profit ranged from Dh1.13 billion to Dh1.30 billion in a Reuters net profit survey in September.

Nine-month earnings per share rose 68.3 percent to Dh1.38.

"We have delivered very strong results in the first nine months of 2008 and continue to perform in line with our expectations. The profit growth was driven primarily by increase in sales revenues," chief executive John Bullough said in the statement.

"The sales of both land plots and property continue to grow strongly ... We exceeded our targets both in achieving these sales in total and also in selling price," CFO Shafqat Malik said, giving property sales as Dh7.06 billion and land plot sales at just under Dh4 billion.

Source: Trade Arabia News