Lebanese real estate company Solidere said on Wednesday 2010 net profit rose 8 percent to $196.5 million, largely due to completing projects signed in past years.

Lebanon's largest listed company said even though a slowdown in real estate activity may affect profit in coming years, it still had strong fundamentals due to at least $10 billion in assets.

"The company did not sign any new sales contracts over the past year. The amount of revenue from past sales contracts reached about $337 million," the company said in a statement, Its 2009 revenue stood at $305 million.

"The company continues to be in negotiations with a number of investors and expects to sign some deals in the coming months which will reinforce the company's purse," Solidere said.

Last year the company had said it was in negotiations with investors over real estate sales worth about $450 million.

Among the company's expenditures, $34 million went to completing the southern sector of the Beirut Souks development, a glitzy, high-end shopping complex in central Beirut, and on the marketing campaign.

Solidere said revenue in 2010 from rents and income from other real estate activity rose 50 percent to $41 million and the company said it expected that figure to rise to $50 million in 2011, mostly due to rental agreements signed in Beirut Souks' southern sector.  - Reuters