Dar Al-Arkan Q4 profit dips

Updated 08 January 2013
0

Dar Al-Arkan Q4 profit dips

RIYADH: Saudi Arabia's largest real estate company, Dar Al-Arkan, said its fourth-quarter net profit halved from the same time the year before as finance costs rose and property sales generated lower margins.
Net income for the three months ending Dec. 31 was SR 144 million versus SR 290 million in the prior-year period. Gross profit in the quarter fell by 10.2 percent, the company said in a bourse statement.
Dar said its lower gross margins on property sales were "attributable to the geographical location of the properties". In the past, much of its profit has come from selling land in Saudi Arabia and it has said it is working on a plan to diversify revenue sources in order to stabilize its income. It also cited higher operating expenses and finance charges and lower non-operative income for the fall in profit.
The company said in November it had outstanding debt of around SR 4.4 billion, with sukuk of SR 750 million and SR 1.69 billion maturing in May 2014 and February 2015 respectively. It also has short-term murabaha Islamic loans with local and international banks, which it plans to roll over. Net profit for 2012 was SR 989 million, a fall of 9.1 percent from 2011.


American Airlines ‘unaware’ of some Boeing 737 MAX functions until last week

Updated 15 November 2018
0

American Airlines ‘unaware’ of some Boeing 737 MAX functions until last week

  • The FAA and Boeing are evaluating the need for software or design changes to 737 MAX jets
  • ‘Safety remains our top priority and is a core value for everyone at Boeing’

WASHINGTON: American Airlines Group Inc. said on Wednesday it was “unaware” of some functions of an anti-stall system on Boeing Co’s 737 MAX until last week.
Boeing and the US Federal Aviation Administration (FAA) issued guidance on the system last week after a Lion Air jet crashed in Indonesia on Oct. 29, killing all 189 people on board.
The FAA warned airlines last week that erroneous inputs from the system’s sensors could lead the jet to automatically pitch its nose down even when autopilot is turned off, making it difficult for pilots to control.
The system was designed to prevent the jet from stalling, according to information provided by Boeing to airlines.
“We value our partnership with Boeing, but were unaware of some of the functionality of the Maneuvering Characteristics Augmentation System (MCAS) installed on the MAX 8,” an American Airlines spokesman said.
“We must ensure that our pilots are fully trained on procedures and understand key systems on the aircraft they fly.”
Indonesian investigators said on Monday the situation the crew of a doomed Lion Air jet was believed to have faced was not contained in the aircraft’s flight manual. US pilot unions were also not aware of potential risks, pilot unions said.
The FAA and Boeing are evaluating the need for software or design changes to 737 MAX jets in the wake of the Lion Air crash, the regulator said on Tuesday.
The American Airlines spokesman said his airline was continuing to work with Boeing and the FAA and would keep pilots informed of any updates.
A Boeing spokeswoman said the manufacturer could not discuss specifics of an ongoing investigation but it had provided two updates for operators around the world that re-emphasize existing procedures to deal with situations relating to MCAS.
“We are confident in the safety of the 737 MAX,” she said. “Safety remains our top priority and is a core value for everyone at Boeing.”