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Fri 19 Jul 2013 10:54 AM

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Dar Al Arkan sees 69% slump in profits

Saudi company blames lower property sales

Dar Al Arkan sees 69% slump in profits
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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