Kingdom earnings tank 82.8 pct in Q2

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Saudi's Kingdom Holding Co (KHC), run by the billionaire Prince Alwaleed bin Talal, said Tuesday net profit plunged 82.8 percent in the second quarter as the income from its global investment portfolio continues to cramp its performance.

The company said net profit fell to 92.1 million Saudi riyals ($22.1 million) in the second-quarter of 2009 compared with 534.7 million riyals a year ago.

The fall in profit was due to the decline in dividend payments on the company's local and international investment portfolio and the lower operating profits from the hotels it owns and manages, the Riyadh-based conglomerate in a statement on the Saudi bourse website.