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Dar Al Arkan ... hit by lower land sales revenue.

Saudi's Dar Al Arkan Q2 profit down 42pc

RIYADH, July 14, 2015

Dar Al Arkan, one of Saudi Arabia's largest property developers, reported a 42 per cent drop in second-quarter net profit on Tuesday, missing analysts' forecasts.

Arkan made a net profit of SR70.5 million ($18.8 million) in the three months to June 30, down from SR121.3 million ($32.3 million) in the same period a year earlier, it said in a statement.

Analysts had on average forecast the developer would make a quarterly net profit of SR148.6 million ($39.6 million).

The company attributed the profit drop partly to lower land sales revenue.

Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.-Reuters




Tags: Saudi | real estate | Dar Al Arkan |

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