Abu Dhabi: Abu Dhabi-based developer Sorouh Real Estate PJSC reported Dh131.6 million net profits in its first quarter 2010, slightly higher than Dh130.4 million reported in the corresponding period last year.
However, this is more than 400 per cent jump from the net profits of Dh28.1 million reported for the fourth quarter of 2009, Souroh's financial statement shows.
Revenues for the first quarter 2010 were Dh430.7 million, slightly down from Dh438.1 million recorded in the fourth quarter 2009, but much higher compared to Dh335.6 million reported in the first quarter of 2009.
"The first quarter profit 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 Sorouh’s investment portfolio," Sourou said in a statement.
Earnings per share for the period were 5 fils per share (Q1 2009: 5 fils per share)
"The company maintains a strong balance sheet with net assets as at the end of the first quarter 2010 of Dh6.2 billion, up from Dh6.1 billion reported at the end of 2009," it said.
The company has low gearing and maintains Dh2.0 billion (FY 2009: AED 2.8bn) of cash on its balance sheet. Total bank borrowings are dh134.9 million, representing a debt-to-equity ratio of 2.2 per cent.
This excludes the outstanding amounts of the asset-backed Sukuk (issued in the third quarter of 2008), which is a non-recourse facility.
Sorouh said, all its Abu Dhabi developments remain on track with the focus being on maintaining delivery schedules.
