Sorouh reports 68% drop in Q3 profits

01 Nov 2010

(MENAFN) Abu Dhabi developer Sorouh Real Estate said its third-quarter profit declined 68 percent as revenues fell and finance costs almost tripled, but the results beat analysts’ forecasts, Bloomberg reported.

Profit in the three months to September 30 fell to $16.15 million, compared with $50.98 million in the year-ago period, the emirate’s second largest developer said in a statement.

Sorouh said it added a further $10.3 million of provisions in the quarter. Revenues for the quarter fell to $100.99 million from $381 million in the same period last year.

Developers across the United Arab Emirates have suffered the impact of the global financial crisis which put an end to a six-year construction boom.

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