Sorouh Real Estate profit down 42% in Q1

01 May 2011

(MENAFN) Sorouh Real Estate chief financial officer, Richard Amos, stated that the company’s profits in the year’s first quarter went down 42 percent to USD21 million, reported Reuters.

Amos also said that the huge dip in profits was caused by no land sales and less profit made from property handovers. He pointed out that the firm’s 2010’s Q1 was much better as it saw a lot of land sales.

The CFO added that Sorouh’s revenue in the first quarter rose 5 percent to USD123.04 million thanks to the beginning of handing over of commercial properties at its two towers Sun and Sky.

It is worth noting that UAE-based Sorouh Real Estate is Abu Dhabi’s second-biggest developer which was established in June 2005 with a capital of USD680.6 million. Its current mandate includes USD5.6 billion worth of projects.

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