Sorouh Real Estate dropped to its lowest in two weeks after the Abu Dhabi developer said its profits for the first quarter declined by 50 per cent, sending Abu Dhabi and Dubai shares downwards.
Net income dropped to Dh64.3 million for the quarter, from 129.7 million dirhams last year, the company said in a statement today. A consensus of analyst estimates expected Sorouh to report a profit of Dh187 million.
Shares of Sorouh declined 2 per cent to Dh1.45, the lowest since April 17.
Aldar Properties, Abu Dhabi's biggest developer, declined by 1.2 per cent to Dh1.54 a share in reaction to the news. The company is yet to release its financial statements for the quarter.
The Abu Dhabi Securities Exchange General Index was down 0.1 per cent to 2700.20 points.
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In Dubai, Emirates NBD declined 2.5 per cent to Dh2.26 a share. The Dubai Financial Market General Index was down 0.9 per cent to 1650.85 points.
Elsewhere in the region, Kuwait's measure was unchanged at 6490.90. Bahrain's index was also unchanged at 1406.51. Oman's index was unchanged at 6320.94. Qatar's benchmark was up 0.4 per cent to 8530.85. The Saudi Tadawul All-Share Index was up 0.5 per cent to 6724.26.
halsayegh@thenational.ae
