Sorouh Real Estate, Abu Dhabi’s second largest property developer by market value, said on Tuesday that net profit for the first half of 2010 had fallen by 45 percent.
Net profit was AED152m ($41.3m), down from AED281m for the same period last year, the company said in a statement to the Abu Dhabi Securities Exchange.
Revenues for the half year declined by more than 52 percent to AED621m from AED1,314m a year earlier.
The developer said net profit was boosted by the sale of one plot on its Shams Abu Dhabi project, income from 41 units at Golf Gardens and rental income from its property investment portfolio.
In Q2, Sorouh's net profit slumped to AED20m from AED151m in the same period in 2009 while revenues fell from AED978m to AED190m for the same period.
General and administration costs for the first half of the year rose to AED166m from AED148m in the same period last year. Sales and marketing expenses fell to AED23m, from AED30m.
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