July 7, 2012 / 6:39 AM / 6 years ago

Saudi's Dar Alarkan second quarter net profit up 11 percent

JEDDAH, Saudi Arabia (Reuters) - Saudi Arabia’s Dar al-Arkan 4300.SE, the kingdom’s largest property developer, said its second-quarter net profit rose 11 percent to 331 million riyals ($88 million), missing analyst expectations.

A group of six analysts had forecast that Dar would achieve a net profit averaging 424 million riyals. In a bourse statement on Saturday, the company attributed its profit rise to real estate sales.

Reporting by Asma Alsharif

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