Saudi company blames lower property sales
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.