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Dar Al Arkan reports 50% decline in Q4 profit
- Saudi Arabia: Wednesday, January 09 - 2013 at 03:34
Saudi Arabia's largest real estate developer, Dar al Arkan, has said its fourth-quarter net profit halved, compared with the same quarter the year before, as finance costs rose and property sales generated lower margins, Reuters has reported. Net income for the three months ending December 31 fell to SR144m ($38.4m) from SR290m in the prior-year period. Gross profit in the quarter fell by 10.2%, the company said. The company said its lower gross margins on property sales were "attributable to the geographical location of the properties."
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