RIYADH, Oct 10 (Reuters) - Dar al-Arkan Real Estate Development Co, Saudi Arabia's largest developer by market value, posted a 14.4 percent drop in net profit during the third quarter due to a slowdown in the property sector.
The company made a net profit of 616.2 million riyals ($164.3 million) in the three months to Sept 30, down from 719.5 million riyals a year earlier, it said in a statement on the Saudi bourse website.
Earnings per share of 1.54 riyals by the end of the third quarter compared with 1.72 riyals a year earlier, it said.
Dar al-Arkan made 1.52 billion riyals of revenues in the three-month period, up from 1.48 billion riyals a year earlier, it added.
'The decline in third-quarter net profit ... compared to the same period of the previous year is due to the higher profit margin during the third quarter of last year, itself due to the growth recorded by the real estate market throughout much of 2008,' it said.
(Reporting by Souhail Karam; Editing by Raissa Kasolowsky) ($1=3.750 riyals) Keywords: DARALRKAN EARNINGS (souhail.karam@thomsonreuters.com, +966 1 463 2603; Reuters Messaging: souhail.karam.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The company made a net profit of 616.2 million riyals ($164.3 million) in the three months to Sept 30, down from 719.5 million riyals a year earlier, it said in a statement on the Saudi bourse website.
Earnings per share of 1.54 riyals by the end of the third quarter compared with 1.72 riyals a year earlier, it said.
Dar al-Arkan made 1.52 billion riyals of revenues in the three-month period, up from 1.48 billion riyals a year earlier, it added.
'The decline in third-quarter net profit ... compared to the same period of the previous year is due to the higher profit margin during the third quarter of last year, itself due to the growth recorded by the real estate market throughout much of 2008,' it said.
(Reporting by Souhail Karam; Editing by Raissa Kasolowsky) ($1=3.750 riyals) Keywords: DARALRKAN EARNINGS (souhail.karam@thomsonreuters.com, +966 1 463 2603; Reuters Messaging: souhail.karam.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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