SOROUH Real Estate Co, Abu Dhabi's second largest property developer, said first-quarter profit more than tripled on sales of land plots.

Net income surged to 361 million dirhams (US$98.3 million), or 14 fils per share, from 114 million dirhams, or 4 fils per share, a year earlier, according to a statement posted on the Website of the Abu Dhabi Securities Market yesterday.

Sales jumped to 624 million dirhams from 280 million dirhams in the first-quarter of 2008, the statement said, according to Bloomberg News. Al Mal Capital, a Dubai-based investment bank, had expected sales of 910 million dirhams and earnings of 419 million dirhams.

"With typical volatility of plot sales and the process involved when evaluating independent developers, we do not feel that the lower quarter over quarter is significant," wrote Robert McKinnon, an analyst at Al Mal, yesterday. "It may just reflect the company's focus on finding quality partners and other issues."