Abu Dhabi: Real estate developer Sorouh released its third quarter results on Monday for the period ended September 30, 2010.
It said that revenue for the third quarter 2010 was Dh371 million compared to Dh1,35 billion in the third quarter 2009, principally driven by the sale of one plot on Shams Abu Dhabi, construction revenue from the Watani project and rental income from Sorouh’s property investment portfolio.
Net profit for the third quarter 2010 fell to Dh63 million after Dh185 million in the third quarter of 2009. Profit was affected by Dh42 million of one-off items accounted for during the quarter, Sorouh said.
The report stated that the rental portfolio "continues to be a meaningful contributor to revenues and provides cover for the company's operating expenses".
Revenue for the first nine months was Dh991 million after Dh2,66 billion in the same period in 2009. Net profit for the nine month period was Dh215 million compared to Dh467 million in the first nine month of 2009.
"Sorouh continues to demonstrate its ability to respond to a challenging market with a further quarterly profit and solid strategy that is delivering results. Good progress has been made across all our developments, especially Shams Abu Dhabi on the Al Reem Island investment zone, where our investment in land and infrastructure approaches Dh3 billion to date," said Saeed Eid Al Gafli, Sorouh's chairman.
