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Solidere 2006 net rises 22% despite Lebanon war |
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Written by Middle East Times
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Property giant Solidere, which belongs to the family of slain former Lebanese premier Rafiq Hariri, said Wednesday that its net profit rose 22 percent in 2006 despite last summer's war with Israel.
Apr. 05, 2007- The company, which rebuilt Beirut's city center following the country's 1975-90 civil war, said that net profit reached $132.2 million.
The positive result was achieved thanks to sales during the first half of the year, before Israel attacked the country after guerrillas from the Shiite movement Hezbollah captured two Israeli soldiers in a July cross-border raid.
"It would have been possible to achieve better results if Lebanon had not gone through very difficult circumstances since the July-August war until now," the company said.
The statement added that the company will push to close more sales contracts "despite the difficulties encountered by investors, given the current situation in the downtown" area.
That was a reference to a mass sit-in by opponents of the government that has been underway since December. This protest has paralyzed commercial activity in the area and forced dozens of shops, restaurants, and offices to close down.
Meanwhile, Solidere said that its "portfolio ... will permit it to meet its financial commitments and to continue putting development programs into action."
The company doubled its net profit in 2005, despite the assassination in February of that year of its founder, Hariri.
Solidere is the largest company traded on the Beirut stock exchange.
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