Thursday, Jul 28, 2011
DUBAI (Zawya Dow Jones)--Abu Dhabi-based Sorouh Real Estate said Thursday second quarter profit rose four-fold, compared with a year earlier, as the property firm handed over more properties in its flagship Sun and Sky towers development.
Sorouh, the emirate's second-largest developer by market value, said net profit in the three month period amounted to 125 million U.A.E. dirhams ($34 million). It made a AED30.8 million net profit in the same quarter last year, according to Zawya.com data.
The latest quarterly result fell well short of the AED180 million effort that analysts at Cairo-based EFG Hermes had penciled in, and also the AED202 million result that Kuwait-based Global Investment House had predicted.
The property company said net profit in the first six months of the year was AED202 million, compared with AED152 million a year earlier, while revenues for the same period amounted to AED1.7 billion, compared with AED621 million.
Income was derived principally from the ongoing handover of units in Sun and Sky Towers, revenues for U.A.E. national housing projects, rental income from Sorouh's property investment portfolio and revenues from subsidiaries, it said.
Sorouh shares closed trading Wednesday unchanged at AED1.24.
-By Nour Malas, Dow Jones Newswires, +97150 2890223; nour.malas@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
28-07-11 0532GMT
