Sorouh Real Estate PJSC (SOROUH), the Abu Dhabi developer that’s in merger talks with Aldar Properties PJSC (ALDAR), was set for the highest close in seven weeks after it said profit climbed 34 percent as costs dropped.
The shares rallied as much as 3.9 percent to 1.07 dirhams in Abu Dhabi and traded at 1.05 dirhams as of 1:11 p.m., poised for the highest close since June 11. Net income in the second quarter rose to 148.2 million dirhams ($40 million) from 110 million dirhams a year earlier, Sorouh said in an e-mailed statement today. The median estimate of three analysts was for a profit of 52 million dirhams, data compiled by Bloomberg show.
“The quality of earnings continues to improve through the diversification and strengthening of revenue streams,” Managing Director Abubaker Al Khouri said in the statement.
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