Dar Al-Arkan reports 53% drop in Q3 income

21 Oct 2010

(MENAFN) Dar Al-Arkan Real Estate said that its third-quarter net income fell 53 percent due to lower land and home sales, falling short of analyst’s estimates, Reuters reported.

The company, Saudi Arabia’s largest real estate firm, made a net profit of $77.22 million in the quarter, down from $164 million in the same period last year, it said in a statement on Nasdaq Dubai.

Net income for the nine-month period fell to $293 million from $453 million, while third quarter net income fell 33.7 percent from the second-quarter, it said.

The developer expects rent income to gradually rise from near-zero last year to $267 million by end-2015, its general manager Saud Al-Gusaiyer told Reuters in August.

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