Sorouh Real Estate’s Q3 profit falls 75 per cent

Abu Dhabi's Sorouh Real Estate recorded a third-quarter net profit of Dh187.3 million ($50.99 million), down 75 per cent from the year-ago quarter, but said it saw signs of stabilisation in the market.

The emirate's second-largest developer by market capitalisation made a net profit attributable to shareholders of Dh765.2 million in the third quarter of 2008.

Managing Director Abubaker al-Khouri said in a statement demand would likely exceed supply in Sorouh's core market of Abu Dhabi for some years to come.

"Whilst the real estate market is likely to remain challenging in the near future we remain cautiously optimistic over signs that the market is stabilising, as the number of sales enquiries increase, especially in the secondary market," Khouri said.

Sorouh made a nine-month net profit of Dh461 million, according to a statement posted on the bourse website.

Shares in Sorouh have gained 21 per cent so far this year after falling 64 per cent in 2008, according to Reuters data.

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