Formula One rack track developer announces 98 percent profit increase in third quarter

Abu Dhabi's larger property developer Aldar Properties reported a 98 percent increase in their third-quarter net profit Thursday, according to Reuters.

Aldar made a profit of 407.5 million dirhams ($111 million). Analysts polled by Reuters only projected the company to only make an estimated 241.3 million dirhams. In Aldar's corresponding period in 2012, the property developer only made 205.7 million dirhams.

Aldar has credited its profit increase as a reflection of its major cost-cutting activities. The board is also now considering refinancing existing debt through loans or sukuk.

Aldar has also been in discussions with banks about raising a bridge loan up to $1.5 billion with an option to convert it into a bond later, according to the Reuters report.

Aldar Properties hold assets amounting to $13 billion and is the builder of Abu Dhabi's Formula One race track and recently merged with its former rival Sorouh Real Estate in June as part of a state-backed deal.