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FINANCIAL NEWS
UAE’s Sorouh Real Estate profit up to USD34m
29 Jul 2011
(MENAFN) Sorouh Real Estate’s Co. CFO, Richard Amos, said that since the company handed over more units and slashed bad debt provisions, in the second quarter, net profit surged to USD34 million from USD8.4 million in 2010’s same quarter, reported Emirates 24/7.
Amos added that until the end of 2011, the Abu Dhabi based company would invest around USD381 million in order to finish and hand over existing projects.
He also said that profit grew 33 percent in the first six months reaching USD54.9 million, on the other hand, as the company delivered units in Sun and Sky Towers, revenue reached USD332 million in the second quarter.
It is worth noting that over 2010, the developer slashed around 17 percent of its staff due to its plan to cut costs.
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