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Sorouh net profit drops on lower sales

2010-07-27

Sorouh Real Estate said on Tuesday revenues for the first half of 2010 were Dh621 million, compared to Dh1.3 billion in the same period of 2009. Net profit Dh152 million compared to Dh281 million in the same period.Revenues came from the sale of one plot on Shams Abu Dhabi, recognition of income from 41 units at Golf Gardens and rental income from Sorouh"s property investment portfolio, the company said in a statement. Earnings per share for the period were Dh0.06 per share.Revenues for the second quarter of 2010 were Dh190 million, compared to Dh978 million in the second quarter of last year. Net profit for the second quarter was Dh20 million compared to Dh151 million and was mainly attributable to rental income from the investment portfolio. Sorouh added Dh50 million in provisions in the first half of this year.


 

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