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FINANCIAL NEWS
UAE’s Sorouh Real Estate Q3 net profit up 13%
31 Oct 2011
(MENAFN) Sorouh Real Estate said that due to an increase in deliveries and higher rental income, net profit during the third quarter grew 13.4 percent to USD18.3 million from USD16 million in last year’s same period, reported Emirates 24/7.
The company added that revenues in the period increased more than a double from USD105.5 million in 2010 to USD242 million, on the other hand, cost of revenue accelerated from USD53 million in last year’s same quarter to USD196 million.
Abu Dhabi’s second-largest developer by market value also said that it would expect to win projects by the government that would be a canter part of the company’s developments in the short term.
It is worth noting that according to property consultants Jones Lang LaSalle, in the fourth quarter, Abu Dhabi’s real estate market will probably see an additional 11,000 homes.
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