Saudi's Dar Al-Arkan net income falls 53%

23 October 2010

Saudi-based developer, Dar al-Arkan Real Estate has posted a 53% fall in its third-quarter net income to SR289.6m ($77.22m), down from SR616.2m in the same period last year, Reuters has reported. The company cited the decrease in sales was coupled with lower profit margins incurred on land and residential unit sales, attributable to the geographical locations of the products sold, as well as the slower summer period which included the Muslim holy month of Ramadan.

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