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FINANCIAL NEWS
UAE- Sorouh’s H1 profits decline to $41m
27 Jul 2010
(MENAFN) Sorouh Real Estate said that revenues for the first half of 2010 were $169 million, compared to $354 million in the same period of 2009, while net profit reached $41.4 million compared to $76.5 million in the same period, Khaleej Times reported.
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.
Revenues for the second quarter of 2010 were $51.7 million, compared to $266 million in the second quarter of last year. Net profit for the second quarter was $5.45 million compared to $41 million and was mainly attributable to rental income from the investment portfolio.
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