Riyadh – Mubasher: Dar Alarkan Real Estate Development Company moved to a quarterly loss of SAR 18.59 million, compared with a profit of SAR 134.87 million last year.

Third-quarter revenue plunged by 56.5% on a yearly basis to SAR 391.24 million, according to a stock exchange statement on Tuesday.

The turn to loss is ascribed to lower property sales. Moreover, the decrease in lease revenue and the increase in financing costs affected the company’s net income.

During the first nine months of the year, the real estate developer’s earnings shrank by 98.2% to SAR 4.19 million, compared to SAR 235.33 million in the corresponding period in 2019.