FINANCIAL NEWS

Solidere’s 2010 profits up 8% to USD195.5m

17 Jun 2011

(MENAFN) Lebanese real estate developer Solidere stated that its 2010 profits rose 8 percent to USD195.5 million as the company completed old contracts which were not signed yet between Solidere and investors, reported The Daily Star.

The company also said that the climb in profits was achieved despite the difficult situation in Lebanon and the region. It pointed out that its pre-tax profits totaled USD231.7 million.

Solidere added that Lebanon’s real estate sales slumped 21 percent in Q1 of 2011 as the Finance Ministry stated. Although Solidere saw rising profits last year, it warned that the coming years may cause losses if the economic situation does not improve.

It is worth noting that Solidere was the firm which rebuilt Beirut’s Downtown district after it was destroyed by the Civil War which took place over the course of years 1975 and 1990.

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