x Abu Dhabi, UAEFriday 28 July 2017

Sorouh profits fall

Sorouh Real Estate sees its second quarter profits drop 75 per cent to Dh151 million compared to the same quarter last year.

Sorouh Real Estate, the Abu Dhabi-based developer, saw is second quarter profits drop 75 per cent to Dh151 million compared to the same quarter last year, the company announced today. The results are in line with expectations outlined at the first quarter earnings announcement, when the company booked a Dh130.4m profit, and reflect the company's strategy to focus on cash conservation along with prudent management of operating costs, company officials said. The company retains Dh4.98 billion of cash on its balance sheet.

The company maintains a balance sheet with net assets at the end of the second quarter at Dh5.9bn, and has seen strong growth of 63 per cent in its investment properties to Dh1.4bn. Total bank borrowings are Dh150m, representing a debt to equity ratio of 2.53 per cent, excluding Sukuk issued last year of Dh4bn. khagey@thenational.ae