DUBAI, July 14 (Reuters) - Dar Al Arkan, one of Saudi Arabia’s largest property developers, reported a 42 percent drop in second-quarter net profit on Tuesday, missing analysts’ forecasts.
Arkan made a net profit of 70.5 million riyals ($18.8 million) in the three months to June 30, down from 121.3 million riyals in the same period a year earlier, it said in a statement.
Analysts had on average forecast the developer would make a quarterly net profit of 148.6 million riyals.
The company attributed the profit drop partly to lower land sales revenue.
Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later. (Reporting by Archana Narayanan; Editing by Andrew Torchia)