Egypt, France airdrop aid to Gaza amid growing humanitarian crisis, global criticism of Israel    Supply minister discusses strengthening cooperation with ITFC    Egypt launches initiative with traders, manufacturers to reduce prices of essential goods    SCZONE chief discusses strengthening maritime, logistics cooperation with Panama    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Egypt reviews health insurance funding mechanism to ensure long-term sustainability    Gaza on verge of famine as war escalates, ceasefire talks stall    Gaza crisis, trade on agenda as Trump hosts Starmer in Scotland    Egyptian president follows up on initiatives to counter extremist thought    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Egypt will keep pushing for Gaza peace, aid: PM    I won't trade my identity to please market: Douzi    Sisi calls for boosting oil & gas investment to ease import burden    EGX to close Thursday for July 23 Revolution holiday    Egypt welcomes 25-nation statement urging end to Gaza war    Sisi sends letter to Nigerian president affirming strategic ties    Egypt, Senegal sign pharma MoU to unify regulatory standards    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    58 days that exposed IMF's contradictions on Egypt    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Land sales drought hits Abu Dhabi's Sorouh Q2
Published in Daily News Egypt on 27 - 07 - 2010

ABU DHABI: Abu Dhabi's Sorouh Real Estate, one of the Middle East's biggest developers, said on Tuesday a lack of land sales in the second quarter explained a sharper-than-expected drop in net profit and revenues, both of which fell about 80 percent.
"There were no land sales this quarter, so revenues and profits were lower. We are seeing the revenues diversify from land sales to rental, lease and sale of units," Richard Amos, chief financial officer said on a conference call.
The company's projects include development of Abu Dhabi's Al Reem Island with homes and offices planned for 45,000 residents.
Net profit attributable to shareholders for the three months to June 30 fell to AED31 million ($8.44 million) from 148 million.
That missed an average forecast of AED43.6 million from a Reuters poll of analysts. Revenues fell to AED189.81 million from 978.23 million.
Its shares were off 1.66 percent at AED1.78 as of 0754 GMT.
Developers across the United Arab Emirates have suffered from the global financial crisis which put an end to a six-year boom. While Dubai has suffered the most, Abu Dhabi, home to most of the country's oil, has fared better.
Sorouh's half-year performance, which saw profit fall 41 percent, was buoyed by first-quarter land sales and a rise in lease income.
The developer will hand over some 1725 units by the second half of next year as deliveries are on track, Chief Operating Officer Gurjit Singh said on the conference call.
Some 6000 to 12,000 units are likely to be delivered this year by developers in Abu Dhabi this year, he added.
Sorouh's funding plans are in place having secured bank loans of AED2.35 billion recently. It is in talks with banks for project finance for one or two projects, Amos said, declining to provide details.
"It's a perfectly doable deal with interest from two banks and we are comfortable for at least a year," he said.
Sorouh booked AED50 million in provisions in the second quarter and may book further provisions in coming quarters, he said.


Clic here to read the story from its source.