Abu Dhabi’s Sorouh reports USD35.2m profit in Q3

07 Nov 2012

(MENAFN) Abu Dhabi-based developer Sorouh Real Estate posted a 54.5 percent increase in quarterly profits on higher revenue from national housing projects, Reuters reported.

The company said it made USD35.2 million net profit during the third quarter, up from USD22.75 million a year earlier.

The company set aside USD10.88 million in contingency provisions for its Sun and Sky towers, which have been completed.

The company also reported a 9.8 percent decline in quarterly revenue to USD218.67 million from USD242.37 million a year earlier.

Sorouh said merger talks with rival Aldar, announced in March, are at an advanced stage. The two firms had earlier said a decision would be reached by last June.

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