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FINANCIAL NEWS
Dar Al-Arkan posts 6% decline in Q1 profit
18 Apr 2010
(MENAFN) A statement issued by Dar Al Arkan Real Estate Development Company said that the Saudi developer saw a 6 percent decline in its first-quarter net profit, Reuters reported.
Dar Al Arkan said that it made $106.3 million net profit in the three-month period, compared to $113.2 million net profit earned in the same period a year earlier, the statement said.
The homebuilder blamed the decline on a slight drop in average profit margins from sales that was caused by the geographic location of sold products, according to the statement.
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