Bloomberg News

Sorouh Poised for Biggest Gain in Two Months After Profit Rises

July 31, 2012

Sorouh Real Estate (SOROUH) PJSC headed for the biggest advance in almost two months after Abu Dhabi’s second-biggest property developer by market value said second- quarter profit climbed 34 percent as costs dropped.

The shares gained 3.9 percent, set for the largest rally since June 5, to 1.07 dirhams at 12:34 p.m. in Abu Dhabi.

Net income rose to 148.2 million dirhams ($40 million) from 110 million dirhams a year earlier. The median estimate of three analysts was for a profit of 52 million dirhams, according to data compiled by Bloomberg.

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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