Sorouh Real Estate posts $35.8m Q1 profit

29 Apr 2010

(MENAFN) Sorouh Real Estate announced its first quarter financial results with $117.25 million revenues and $35.8 million net profit.

The Abu Dhabi developer said that the first quarter profit was derived mainly from the sale of one plot on Shams Abu Dhabi; recognition of income from 30 units at Golf Gardens; and lease income from SorouhÂ’s investment portfolio.

The firm said that earnings per share (EPS) for the period were 1.3 cents per share.

Sorouh Real Estate said that it maintained a strong balance sheet with net assets as at the end of the first quarter 2010 of $1.68 billion.

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