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Dar Al-Arkan posts fifth straight decline in quarterly profit

Dar Al-Arkan, Saudi Arabia’s largest property developer has reported a fifth straight drop in quarterly profit, hit by lower margins on property sales, Reuters has reported. Dar Al-Arkan, which last achieved profit growth in the second quarter of 2012, said that the 17% profit fall to SR183.3m ($48.9m) in the three months to September 30 was a result of “the product mix and geographical location.” Finance charges and lower income from a derivatives transaction also weighed on its results, which was offset by lower operating expenses, the developer said.