Lebanon’s Solidere seen to post improved full-year results
Lebanese financial services provider, FFA Private Bank has said property developer Solidere is expected to report a jump in its 2013 net profits to $55m, compared with $18m in the previous year, The Daily Star has reported. Solidere saw a slight improvement in land sales in 2013, and this could reflect positively on the company’s results, said the FFA. “For 2013, we estimate Solidere approximately tripled 2012’s net profits to an estimated $55m and Earnings-Per-Share of $ 0.34 on total revenues of $175m,” FFA said. Solidere’s profits dropped 10% to $18m in 2012, due to low real estate sales and rents.