Debt-ridden uae property firm expects return to profit

Aldar Properties has said it expects to return to profit this year, confirming guidance given to investors by its chief financial officer, Shafqat Malik, Reuters has reported.

Malik also told investors that the company would get paid in cash in 2011 for most of its assets sold to the government and for the convertible bond sale. This would allow Aldar to repay about Dhs13bn ($3.54bn) in debt over the next three years, Malik told investors.

Aldar said last week it would sell assets worth $1.49bn to the government to meet looming debt obligations.