Bloomberg News

Dar Al Arkan Third-Quarter Net Drops 21% on Lower Land Sales

October 19, 2011

Oct. 19 (Bloomberg) -- Dar Al Arkan Real Estate Development Co., a Saudi Arabian property company, said thrid-quarter profit dropped 21 percent on lower land sales.

Net income fell to 227.5 million riyals from 289.6 million riyals, the company said in a statement to the Saudi bourse today. The profit fell on “lower land sales as the company sought to enhance gross margins and lower residential sales due to lower available completed units,” it said.

To contact the reporter on this story: Inal Ersan in Dubai at iersan@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net


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