Aldar expects to return to profit this year

Aldar Properties, Abu Dhabi's biggest developer, expects to return to profit by the end of this year, the company's chief financial officer said yesterday.

"In the coming year, you will see that the company will be in black at net profit level for 2011 and 2012 as well," Shafqat Malik told investors on a conference call.

Aldar announced a funding plan last Thursday under which the Abu Dhabi Government will buy Dh10.9 billion (US$2.96bn) of the company's infrastructure assets on Yas Island, Dh5.5bn of residential units and land.

The company will also issue a Dh2.8bn convertible bond.

Mr Malik told investors yesterday that the funding plan had put the company on stable ground.

"The way we have done the whole thing is to give us a long-term view," he said.

* with Dow Jones