Sorouh's 2011 net profit jumps

Abu Dhabi, February 15, 2012

Abu Dhabi developer Sorouh Properties posted sharply higher full-year profit on Wednesday, partly on lower impairments and a gain on sale of assets.

Sorouh said it had 2011 net profit of 334.7 million dirhams ($91.12 million), compared to 7.4 million dirhams in 2010.

The developer took lower goodwill impairments of 117 million dirhams last year, down 28 percent over the previous year, it said in a statement to the Abu Dhabi bourse.

The company had fourth quarter profit of 92.7 million dirhams, Reuters calculated form previous financial statements, down 56 percent from the prior-year period.  - Reuters

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