Dar Al Arkan sees 69% slump in profits

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Dar Al Arkan chairman Yousef Bin Abdullah Al Shelash.

Dar Al Arkan chairman Yousef Bin Abdullah Al Shelash.

Saudi Arabia's Dar Al Arkan Real Estate Development Co missed the average view of analysts when it reported a 68.7 percent drop in second-quarter net profit on Thursday, citing lower properties sales.

The developer made a net profit of 103.7 million riyals ($27.7 million) for the three months to June 30, compared to 331 million riyals in the corresponding period of 2012, it said in a bourse filing.

The property sales decline followed a boost in the second quarter of 2012 from the sale of a land parcel to Saudi Basic Industries Corp, the statement said.

Its second-quarter net profit widely missed the average forecast of six analysts polled by Reuters, who expected 256.1 million riyals for the period.

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Dar Al Arkan Real Estate Development Company
13.7
0.1 0.74 (%)
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