Sorouh Poised for Biggest Gain in Two Months After Profit Rises

July 31 (Bloomberg) -- Sorouh Real Estate 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