* Sorouh Q4 net consolidated net profit 118.9 mln dirhams
* 2012 revenue 3 bln dirhams, down 20 pct
* Over 7,000 units coming to market in 2013 - MD
DUBAI, Jan 31 Abu Dhabi's Sorouh Real Estate
, which has agreed to merge with Aldar Properties
, reported an 21.2-percent rise in fourth-quarter net
profit, driven by income from government projects and higher
Abu Dhabi's second largest property developer by market
value, posted a quarterly consolidated net profit of 118.9
million dirhams ($32.37 million), compared with 98.1 million
dirhams in the prior-year period, it said in a bourse statement
The earnings missed forecasts of brokerages SICO Bahrain and
Arqaam Capital that had estimated net profits of 119.6 million
dirhams and 168 million dirhams respectively.
Revenue from Abu Dhabi's national housing projects totalled
443 million dirhams in the fourth quarter, up 41 percent
year-on-year, said the firm. The leasing portfolio generated 67
million dirhams of revenue in quarter, up 43 percent compared to
the same period in 2011.
Profit for 2012 was 442.6 million dirhams compared with
334.7 million dirhams for 2011.
Revenue for the year was 3 billion dirhams, down 20 percent.
The company booked fair value loss on investment of 108.9
million dirhams and impairment of goodwill of 35.8 million
Shareholders of Sorouh and Aldar will vote on the proposed
merger on Feb 21.
Under the merger proposal, Sorouh shareholders will get
1.288 Aldar shares for every share they own. Sorouh will be
dissolved and delisted from the local bourse after the merger.
Sorouh's managing director Abubaker Seddiq Al Khouri, who is
proposed to be the chairman of the merged entity, said the
company would deliver over 7,000 units this year.
"These deliveries will strengthen cash flow and improve
profitability," said al-Khouri.
Another 15,000 units are expected to enter Abu Dhabi's
already oversupplied real estate market this year, property
consultancy CBRE has said. The merger was a step by the
government to revive the emirate's battered property sector.
($1 = 3.6730 UAE dirhams)
(Reporting by Praveen Menon; Editing by Dinesh Nair)