Downtown Beirut, Wednesday, Nov. 1, 2017. (The Daily Star/Mohammad Azakir)
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The real estate giant Solidere recorded a loss close to $117 million in 2017 due to a drop in property sales.According to the audited financial statement of auditing firm Deloitte, Solidere reversed the net profit it made in 2016 with an astonishing loss of $116.4 million last year. This is probably the biggest loss incurred by Solidere since it was established after the Taif Accord.The company's total cost of revenues declined from $79.8 million in 2016 to $31.4 million in 2017 . This included a fall in the cost of land sales to stand at $17,487 last year. The associates are Beirut Central District Cinemas (40 percent), ASB-Downtown (24.5 percent), that manage restaurants, and Solidere International (39.1 percent) that has operations in other areas of Lebanon and outside the country.
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