Lebanon’s largest company in terms of size and market value, real estate developer Solidere, has said its net income in 2011 fell 16.9%, compared with the previous year.
The firm attributed the decline to ‘the unstable security situation in the region and economic slowdown.’ The after-tax profits in 2011 dropped to $162.6m from $195.5m in 2010, while pre-tax profits reached $187.2m, compared with $231.7m a year earlier, Solidere said.
Total revenues from real estate sales in 2011 reached $242m, or 67,000m2 of built areas, compared with $337m, or 132,000m2 of built areas in 2010.
“These results were achieved despite the domestic situation and regional tension, as well as unstable conditions which Lebanon has passed through since the beginning of last year,” the developer said. “These conditions have negatively affected the economic, commercial and real estate activities in general.”