Dar Al Arkan sees earnings slump by 60 percent

Saudi property developer Dar Al-Arkan saw its first quarter net profit slump by 60.7 percent.

The company booked a net profit of SAR 57.85 ($15.43mn) for the three months to 31 March against SAR 147.29 in the same leg of 2015.

Dar Al Arkan blamed the drop on lower sales income, although it did not offer more information.

The company has reported declining profits in six of the past seven quarters, according to Reuters.

Yousef al-Shelash, chairman, Dar Al Arkan