RIYADH: Daral-Arkan, Saudi Arabia's largest listed real estate developer by market value, reported a 51 percent fall in third-quarter net income on Tuesday, missing analysts' forecasts.
The company made a net profit of 89.9 million riyals ($24.0 million) in the three months to Sept. 30, down from 183.3 million riyals in the same period a year earlier, it said in a bourse statement.
It attributed the profit slump to falling non-operating income received from deposits, plus rising finance costs and wages.
Analysts polled by Reuters had on average forecast Dar al-Arkan's quarterly profit would be 193 million riyals. (Reuters)
