Dar Al-Arkan, Saudi Arabia's biggest property developer, reported a 31.5 percent drop in the first-quarter net profit, the firm said in a bourse statement on Wednesday.   

Dar Al-Arkan made 273 million riyals ($72.8 million) in the three months to end-March, down from 398.6 million riyals in the same period a year earlier.

Analysts surveyed by Reuters on avergae expected the firm to post a net profit of 342.0 million riyals for the first-quarter. -Reuters