Sorouh Posts FY11 Net Profit At AED335M Vs AED7.4M Year Ago

Wednesday, Feb 15, 2012

DUBAI (Zawya Dow Jones)--Abu Dhabi's Sorouh Real Estate Co. (SOROUH.AD) posted a full year net profit of 335 million U.A.E. dirhams ($91.2 million) versus AED7.4 million a year ago as it sold more commercial and residential units.

Full year revenue for 2011 soared to AED3.8 billion, from AED1.20 billion a year ago, the company said in a statement on the Abu Dhabi Securities Exchange website.

The company said the increase in revenue was due to "the recognition of residential and commercial units delivered in Sun & Sky Towers, a land swap transaction on Shams, construction revenue from National Housing projects, rental income from investment properties, delivery of villas in Golf Gardens as a result of new sales and revenue from the operations of our subsidiaries".

The company also noted a AED78 million loss in fair value on investment properties in 2011.

Sorouh shares closed up 7.5% at AED1.01 Tuesday.

-By Tahani Karrar-Lewsley, Dow Jones Newswires; +9714 446-1692; Tahani.Karrar@dowjones.com