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Sorouh Real Estate posts surprise Q4 net loss

By Reuters
Sorouh Real Estate posted a Dh29 million ($7.90 million) surprise loss in fourth-quarter net profit on Thursday, due to rising finance costs, missing analysts' forecasts.

The company said it posted an "unrealised loss" on financial assets of 35 million dirhams for the year and that it had Dh117 million in exposure to equities through hedge funds.

The company's full-year profit rose to Dh1.784 billion, compared with Dh1.257 billion in 2007, Sorouh Real Estate said in a statement, without giving quarterly data, which Reuters calculated from previous financial statements.

Analysts forecast of the company's fourth quarter profit ranged from 376.08 million dirhams to Dh400 million, according to a Reuters survey last month.

Sorouh Real Estate earned Dh1.81 billion in the first nine months of 2008 and Dh483.91 million in the fourth quarter of 2007.