Lebanon: Solidere profits hit some US$232 million
Solidere, the Lebanese Company for the Development and Reconstruction of Beirut Central District, realized total profits of 231.7 million dollars in 2010, with net profits totaling 196.5 million dollars.
The company clarified that these profits constitute an increase of 8 percent from 2009 despite local and regional unrest that had a negative impact on the general Lebanese economic, commercial, and real estate sectors in 2009.
The company said that it is fundamentally sound with an asset volume exceeding 10 billion dollars, indicating that it possesses a stockpile of land of 1.897 million square meters for sale or development valued at 7.5 billion dollars, based on the current market prices.
The company’s portfolio of buildings and properties for rent, including the Southern part of the Beirut market reached 2.1 billion dollars, in addition to cash and securities totaling 576 million dollars.