Sunday, Apr 29, 2012
DUBAI(Zawya Dow Jones)--Abu Dhabi-based developer Sorouh Real Estate (SOROUH.AD) posted a 22% rise in first quarter net profit Sunday as recurring revenues strengthened and it handed over more properties.
Net profit in the three months ending Mar. 31 amounted to 92.8 million U.A.E. dirhams ($25.3 million), up from AED76.3 million in the year ago period, Sorouh said in an emailed statement.
The quarterly result was better than the AED80 million effort that analysts at EFG Hermes had expected, but was well short of the AED116.6 million that Kuwait-based Global Investment House had predicted.
"These results reflect the strength and maturity of our business. We continue to diversify our revenue streams which will support the quality of our earnings over the medium to long term. The current flight to quality with Abu Dhabi real estate leaves us well positioned to deliver an exciting project pipeline of some 7,000 units between now and the end of 2013," Abubaker Seddiq Al Khouri, Sorouh's Managing Director said.
Sorouh shares closed trading Thursday down 0.9% at AED1.13.
-By Tahani Karrar-Lewsley, Dow Jones Newswires; +9714 446-1692; Tahani.Karrar@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
29-04-12 0438GMT
