The protests over the past two weeks have taken a toll on business in Downtown Beirut.
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Real estate giant Solidere recorded a loss of $28.7 million in the first half of this year as the company allocated higher provisions due to the loss from previous sales contracts, FFA Private Bank said Tuesday.The report added that this year-on-year decrease in net profits can be largely attributed to higher provisions related to a loss from a previous sale contract ($50.5 million) despite higher land sales revenues at $26.4 million in H1/15 up from $6.4 million in H1/14 .It said that the net profits of Solidere International reached $67.3 million.It added that revenues reflect higher income from land sales and rented properties, with a greater contribution from land sales in gross revenues YoY as revenue diversification strategy remains challenged.
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