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Sorouh sees Q4 profit slump

by Matt Warnock on Jan 31, 2010

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The Q4 results wrap up a bad year for Sorouh.

One of the UAE's biggest developers, Abu Dhabi's Sorouh, saw profits fall by 39.4% during the fourth quarter of 2009.

Last week, the developer confirmed net profits of AED 28.1 million (US$7.65 million) for Q4 2009, falling from AED 46.4m for the same period in 2008.

Sorouh claimed that the company increased provisions by AED242 million during the quarter while the economic slowdown saw 2009’s total profit tumble to AED 495m, down from AED1.8 billion the previous year.

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