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Sorouh Real Estate’ first quarter profit rises by 3%

2010-04-29

April 29 (Bloomberg) -- Sorouh Real Estate PJSC posted a 3 percent rise in first-quarter profit, beating analysts’ estimates, as Abu Dhabi’s second-biggest property developer sold a plot in Shams Abu Dhabi and as lease income increased. Net income climbed to 129.7 million dirhams ($35 million) from 125.5 million dirhams a year earlier, the company said in a statement to the Abu Dhabi bourse today. The median estimate of six analysts’ forecasts on Bloomberg was for a profit of 53.5 million dirhams. Earnings per share remained unchanged at 5 fils, while revenue rose 28 percent to 430.7 million dirhams, helped by handover of properties.