Abu Dhabi's Sorouh Q2 profit rises 39%

The UAE's third largest property company posts net profit rise of $167.6mn in second quarter.
Abu Dhabi's Sorouh Q2 profit rises 39%
By Jason Benham
Thu 24 Jul 2008 05:24 PM

Abu Dhabi-based Sorouh Real Estateposted net profit rise of about 39 percent to 615.53 million dirhams ($167.6 million) in the second quarter compared to the year earlier period.

Net income in the six months ended June 30 rose to 977 million dirhams, said a company official reading a statement for publication. Newswire Reuters calculated quarterly earnings based on previous data.

Analysts' forecasts for Sorouh's second-quarter profit ranged from 375 million dirhams to 683.50 dirhams in a Reuters survey last month.

Earnings per share rose to 42 fils for the second half, compared with 22 fils in the corresponding period last year, the official said.

Sorouh Real Estate, the third-largest UAE property firm by market value, made 442.91 million dirhams in the second-quarter of 2007 and 361.47 million dirhams in the first quarter of this year. (Reuters)

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