UAE equities took a hit during trading after Abu Dhabi's second biggest developer reported a 42 per cent drop in earnings for the first quarter.
Sorouh Real Estate reported net profits of Dh76.3 million for the quarter, compared with Dh132 million in the same period last year, according to a filing on the Abu Dhabi bourse.
Revenues, however, increased to Dh452 million from Dh431 million. Shares were down 4 per cent to Dh1.42 at the close at 2pm.
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