Solidere profits in Lebanon plunge 90 pct in 2012 BEIRUT: The net profits of Solidere’s Lebanon operations in 2012 plunged by a whopping 90 percent, or $163 million, to $16 million due to a huge drop in land sales, FFA Private Bank said Friday. “Solidere’s net profits on a stand-alone basis amounted to $16 million in 2012, down from $163 million in 2011, while our estimated EPS (earning per share) was $0.10 down from $1.03. This year-on-year decrease in the bottom line in 2012 can be attributed to a substantial decline in revenues from land sales (down to $50 million from $242 million) as slightly higher revenues from rented properties and rendered services, which come at less favorable margins, were not enough to offset the [drop],” the report said. This sharp fall in profits explains why the shares of Solidere have been declining considerably for more than a year. Solidere A and B stood Friday at $11 and $11 and falling respectively by 2.74 percent and 2.04 percent. Read more: dailystar.lb/Business/Lebanon/2013/Jun-15/220440-solidere-profits-in-lebanon-plunge-90-pct-in-2012.ashx#ixzz2WJ2nI6hs (The Daily Star :: Lebanon News :: dailystar.lb)
Posted on: Sat, 15 Jun 2013 17:15:53 +0000
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