A general view of downtown Beirut, Monday, July 7, 2014. (The Daily Star/Mohammad Azakir)
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Real estate development company Solidere's net profit in 2013 surged by 148.1 percent to $39.7 million compared to $16 million in 2012 despite the economic slowdown and tense political situation in Lebanon and the region, the company said Monday.It added that the revenues generated from the sales of land soared by 48 percent to reach $95 million in 2013 and this indicates to the company's efforts to achieve additional land sales.Solidere has also increased its provisions to reach $23 million which affected the revenues of the company as well.However, Solidere stressed that the company still enjoyed high value property assets that are ready to be sold or for development.
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