Abu Dhabi-based Sorouh Real Estate, denying earlier media reports of a net loss, said that the company had posted a net profit of Dh46 million ($12.5 million) in the fourth quarter of 2008.

One of the UAE’s leading property companies, Sorouh, said in a statement that its full year net profit surged 42 per cent to Dh1.7 billion when compared to the 2007 net profit of Dh1.2 billion.

The clarification comes following "initial reports on Reuters and Bloomberg, which both inaccurately reported a Q4 net loss for Sorouh Real Estate," the statement said.

Source: Trade Arabia News