Sorouh Second-Quarter Net Drops 79%, Misses Estimates
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Sorouh Real Estate PJSC, the builder of Abu Dhabi’s Sun and Sky towers, said second-quarter profit fell 79 percent, missing estimates, after land sales evaporated.
Net income declined to 30.8 million dirhams ($8.4 million) from 148.3 million dirhams a year earlier, the company said in a statement today. Analysts predicted a profit of 68 million dirhams, according to three estimates compiled by Bloomberg. Revenue dropped to 81 percent to 190 million dirhams.