|
Real-estate giant Solidere reports net profit of $214.3 million in ...
|
The giant real estate company Solidere on Monday said that its net profit for 2008 reached $214.3 million, an increase of 18 percent compared to 2007. "We have recorded a total pretax profit of $214.3 million or $182.7 million after deducting income tax which reached $31.6 million," the company said in a statement. The company added that the total size of the liquidity at the end of 2008 stood at $292 million, noting that Solidere is still preserving a very high liquidity that will enable it to finance most of the development projects in Beirut Central District. It added that Solidere was able to attract investments over the past few months. Solidere signed $294 million worth of investments in the past six months and is still negotiating with other investors who are keen to buy more properties. It stressed that the company has $731 million worth of contracts that have been signed earlier and not yet collected. "This cash will turn into profits for the next three years once the conditions of the contracts are met," the statement said. It added that Solidere International, which focuses its operation outside Lebanon, has cash liquidity close to $350 million at the end of 2008.a
|
|
|
