Marriott Sells St. Regis New York to Qatar Investment Authority - Bloomberg:
Marriott International Inc. has sold the St. Regis New York for $310 million to Qatar’s sovereign wealth fund, offloading a historic property that served as the launching point for an indispensable cocktail and a preeminent luxury hotel brand.
The purchase gives Qatar Investment Authority another trophy asset to add to an expanding portfolio across the globe. The fund has been boosting its investments in the U.S., including purchasing stakes in properties in New York.
The St. Regis hotel, located on East 55th Street near Fifth Avenue, was opened by John Jacob Astor IV in 1904. The 18-story Beaux-Arts building contains more than 200 guest rooms and the King Cole Bar, a watering hole where the Bloody Mary is said to have been invented.
Thursday, 31 October 2019
Airbus Working to Secure 100-Jet Air Arabia Deal for #Dubai Show - Bloomberg
Airbus Working to Secure 100-Jet Air Arabia Deal for Dubai Show - Bloomberg:
Airbus SE is working to pin down an order for 100 narrow-body aircraft from Air Arabia PJSC that would be worth more than $10 billion at list prices, according to people with knowledge of the matter.
A deal for the A320neo-series may come as early as November’s Dubai Air Show, they said, asking not to be named as the plans are private. Nothing has been finalized and Boeing Co. isn’t yet out of the running, the people said, though Air Arabia is currently an Airbus operator and the U.S. planemaker’s 737 Max narrow-body remains grounded after two fatal crashes.
Air Arabia Chief Executive Officer Adel Ali told Bloomberg in February that he was considering a triple-digit jet deal with Airbus or Boeing to add destinations in Southeast Asia, Australia, Africa and Europe. He said earlier this month that the purchase should be decided by January. The company already ranks as the biggest discount carrier in the Persian Gulf and North Africa.
Airbus SE is working to pin down an order for 100 narrow-body aircraft from Air Arabia PJSC that would be worth more than $10 billion at list prices, according to people with knowledge of the matter.
A deal for the A320neo-series may come as early as November’s Dubai Air Show, they said, asking not to be named as the plans are private. Nothing has been finalized and Boeing Co. isn’t yet out of the running, the people said, though Air Arabia is currently an Airbus operator and the U.S. planemaker’s 737 Max narrow-body remains grounded after two fatal crashes.
Air Arabia Chief Executive Officer Adel Ali told Bloomberg in February that he was considering a triple-digit jet deal with Airbus or Boeing to add destinations in Southeast Asia, Australia, Africa and Europe. He said earlier this month that the purchase should be decided by January. The company already ranks as the biggest discount carrier in the Persian Gulf and North Africa.
Saudis Are Said to Consider Increase in Lending for Aramco IPO - Bloomberg
Saudis Are Said to Consider Increase in Lending for Aramco IPO - Bloomberg:
Saudi Arabia is considering increasing how much the kingdom’s banks can lend to local investors who want to buy shares in Aramco’s initial public offering, people with knowledge of the matter said.
The Saudi Arabian Monetary Authority met banks this week to discuss how much they can lend to domestic stock buyers who want to invest in the oil giant’s IPO, the people said, asking not to be identified because the information is private. Some lenders are seeking permission to offer greater leverage than what the central bank normally allows, they said.
The regulator wants to ensure that they are able to maintain enough liquidity in the local financial system, while still ensuring enough loans are available to support investors in the IPO, the people said. The final amount lenders are willing to provide will depend on the valuation Aramco seeks, with banks likely to be more conservative at higher valuations, they said.
Saudi Arabia is considering increasing how much the kingdom’s banks can lend to local investors who want to buy shares in Aramco’s initial public offering, people with knowledge of the matter said.
The Saudi Arabian Monetary Authority met banks this week to discuss how much they can lend to domestic stock buyers who want to invest in the oil giant’s IPO, the people said, asking not to be identified because the information is private. Some lenders are seeking permission to offer greater leverage than what the central bank normally allows, they said.
The regulator wants to ensure that they are able to maintain enough liquidity in the local financial system, while still ensuring enough loans are available to support investors in the IPO, the people said. The final amount lenders are willing to provide will depend on the valuation Aramco seeks, with banks likely to be more conservative at higher valuations, they said.
Oil prices decline on weak Chinese data, U.S. pipeline problems - Reuters
Oil prices decline on weak Chinese data, U.S. pipeline problems - Reuters:
Oil prices fell on Thursday after data showed weak factory activity in China, with U.S. crude facing extra pressure after flows out of the Cushing, Oklahoma storage hub were disrupted because of reduced flows on a pipeline.
Brent futures were down 38 cents, or 0.6%, at $60.23 a barrel, while U.S. West Texas Intermediate crude fell 88 cents, or 1.6%, to $54.18.
The front-month Brent contract for December delivery expires on Thursday. Futures for January delivery LCOF0, which will soon be the front-month, fell about 1.0% to settle at $59.62.
For the month, Brent was on track to fall less than 1% and WTI to rise less than 1%.
Oil prices fell on Thursday after data showed weak factory activity in China, with U.S. crude facing extra pressure after flows out of the Cushing, Oklahoma storage hub were disrupted because of reduced flows on a pipeline.
Brent futures were down 38 cents, or 0.6%, at $60.23 a barrel, while U.S. West Texas Intermediate crude fell 88 cents, or 1.6%, to $54.18.
The front-month Brent contract for December delivery expires on Thursday. Futures for January delivery LCOF0, which will soon be the front-month, fell about 1.0% to settle at $59.62.
For the month, Brent was on track to fall less than 1% and WTI to rise less than 1%.
Business forum boosts #Saudi image, but some say more rehab needed - Reuters
Business forum boosts Saudi image, but some say more rehab needed - Reuters:
Saudi Arabia’s crown prince showed up only briefly this week at the kingdom’s flagship investment forum, which largely drew leaders and firms with strategic interest in the Gulf state and wrapped up with relatively meagre deals and an anticlimactic finale.
It was a far cry from the inaugural Future Investment Initiative (FII) in 2017 when Mohammed bin Salman, embraced then by the West as a bold reformer, shared his vision of a modern, tolerant kingdom that would build futuristic cities.
However, as Riyadh prepares to assume the Group of 20 presidency, its ability to once again draw big names after a Western boycott of last year’s event showed it starting to recover from the damage to the prince’s image that followed the murder of a prominent Saudi journalist.
Saudi Arabia’s crown prince showed up only briefly this week at the kingdom’s flagship investment forum, which largely drew leaders and firms with strategic interest in the Gulf state and wrapped up with relatively meagre deals and an anticlimactic finale.
It was a far cry from the inaugural Future Investment Initiative (FII) in 2017 when Mohammed bin Salman, embraced then by the West as a bold reformer, shared his vision of a modern, tolerant kingdom that would build futuristic cities.
However, as Riyadh prepares to assume the Group of 20 presidency, its ability to once again draw big names after a Western boycott of last year’s event showed it starting to recover from the damage to the prince’s image that followed the murder of a prominent Saudi journalist.
#Saudi expects wider 2020 budget deficit of $50 billion - finance minister - Reuters
Saudi expects wider 2020 budget deficit of $50 billion - finance minister - Reuters:
Saudi Arabia expects its budget deficit to widen to 187 billion riyals ($49.86 billion), or 6.5% of gross domestic product (GDP), next year from a projected 131 billion riyals for this year, or 4.7% of GDP, the finance minister said on Thursday, as lower oil prices hit revenues.
Minister Mohammed al-Jadaan told a news briefing revenues would go down to 833 billion riyals in 2020 from 917 billion riyals projected for 2019.
Saudi Arabia, the largest economy in the Arab world and the world’s largest crude exporter, has suffered in recent years because of low oil prices and austerity measures aimed at reducing its deficit.
Saudi Arabia expects its budget deficit to widen to 187 billion riyals ($49.86 billion), or 6.5% of gross domestic product (GDP), next year from a projected 131 billion riyals for this year, or 4.7% of GDP, the finance minister said on Thursday, as lower oil prices hit revenues.
Minister Mohammed al-Jadaan told a news briefing revenues would go down to 833 billion riyals in 2020 from 917 billion riyals projected for 2019.
Saudi Arabia, the largest economy in the Arab world and the world’s largest crude exporter, has suffered in recent years because of low oil prices and austerity measures aimed at reducing its deficit.
Fitch affirms #AbuDhabi's rating with stable outlook | ZAWYA MENA Edition
Fitch affirms Abu Dhabi's rating with stable outlook | ZAWYA MENA Edition:
Fitch affirmed Abu Dhabi’s Long-Term Foreign-Currency Issuer Default Rating (IDR) rating at ‘AA’ with a stable outlook.
The rating reflects the emirate’s strong fiscal and external metrics and high GDP per capita, balanced by high dependence on hydrocarbons, an underdeveloped economic policy framework and weak governance indicators relative to 'AA' peers, according to the ratings agency.
Fitch expects a fiscal surplus of 1.9 percent of GDP in 2019 for Abu Dhabi, down from 3.3 percent in 2018, noting that lower oil prices will underpin a 1.6 percent of GDP drop in revenue, despite new revenues from VAT amounting to 1.2 percent of GDP in 2019.
Fitch affirmed Abu Dhabi’s Long-Term Foreign-Currency Issuer Default Rating (IDR) rating at ‘AA’ with a stable outlook.
The rating reflects the emirate’s strong fiscal and external metrics and high GDP per capita, balanced by high dependence on hydrocarbons, an underdeveloped economic policy framework and weak governance indicators relative to 'AA' peers, according to the ratings agency.
Fitch expects a fiscal surplus of 1.9 percent of GDP in 2019 for Abu Dhabi, down from 3.3 percent in 2018, noting that lower oil prices will underpin a 1.6 percent of GDP drop in revenue, despite new revenues from VAT amounting to 1.2 percent of GDP in 2019.
Mideast Stocks: Lender FAB pressures #AbuDhabi as major Gulf markets drop | ZAWYA MENA Edition
Mideast Stocks: Lender FAB pressures Abu Dhabi as major Gulf markets drop | ZAWYA MENA Edition:
All major Gulf stock markets slipped on Thursday amid falling oil prices, while Abu Dhabi led the losses as its top lender First Abu Dhabi Bank (FAB) declined.
Oil prices came under pressure from rising U.S. crude oil stocks and weak factory activity in China, with few bullish factors on the horizon.
Brent crude futures were down 20 cents at $60.41 a barrel by 1156 GMT, erasing earlier gains.
The Abu Dhabi index retreated 1.3%, with FAB shedding 2.7%, its biggest intraday fall since mid-May.
All major Gulf stock markets slipped on Thursday amid falling oil prices, while Abu Dhabi led the losses as its top lender First Abu Dhabi Bank (FAB) declined.
Oil prices came under pressure from rising U.S. crude oil stocks and weak factory activity in China, with few bullish factors on the horizon.
Brent crude futures were down 20 cents at $60.41 a barrel by 1156 GMT, erasing earlier gains.
The Abu Dhabi index retreated 1.3%, with FAB shedding 2.7%, its biggest intraday fall since mid-May.
High debt, high deficit: #Lebanon’s economic woes fuelling protests | Financial Times
High debt, high deficit: Lebanon’s economic woes fuelling protests | Financial Times:
The resignation of Saad al-Hariri as Lebanon’s prime minister on Tuesday has plunged the country’s economy deeper into uncertainty as protesters continue to occupy public squares, calling for a clear-out of the entire political elite.
Banks remain shuttered for a second week amid fears that the unrest will trigger capital flight and a run on lenders by customers anxious about their dollar deposits. The Banking Association said they would reopen on Friday.
“Given the uncertain political outlook, the risk of capital flight is very high, should banks open on Friday,” said Alia Moubayed, managing director at Jefferies International, a US investment bank.
The resignation of Saad al-Hariri as Lebanon’s prime minister on Tuesday has plunged the country’s economy deeper into uncertainty as protesters continue to occupy public squares, calling for a clear-out of the entire political elite.
Banks remain shuttered for a second week amid fears that the unrest will trigger capital flight and a run on lenders by customers anxious about their dollar deposits. The Banking Association said they would reopen on Friday.
“Given the uncertain political outlook, the risk of capital flight is very high, should banks open on Friday,” said Alia Moubayed, managing director at Jefferies International, a US investment bank.
#Kuwait’s sovereign wealth fund puts weight on green investing | Financial Times
Kuwait’s sovereign wealth fund puts weight on green investing | Financial Times:
The Arab Bankers Association of North America last week honoured Farouk Bastaki, the head of the Kuwait Investment Authority, at a glittering dinner in New York. The crowd included recipients — and no doubt some would-be recipients — of riches from his sovereign wealth fund, one of the largest in the world.
David Rubenstein, the co-founder of US buyout group Carlyle, served as master of ceremonies. He suggested that when Mr Bastaki eventually retires, the KIA chief should consider establishing a private equity firm; answering, as Mr Rubenstein quipped, “the highest calling of mankind”.
The celebrated Mr Bastaki has a different challenge in mind.
The KIA, the world’s oldest sovereign wealth fund, has derived most of the nearly $600bn it manages from Kuwait’s oil revenues. Mr Bastaki knows its history well, as the first managing director to be plucked from the ranks of the fund’s staff.
The Arab Bankers Association of North America last week honoured Farouk Bastaki, the head of the Kuwait Investment Authority, at a glittering dinner in New York. The crowd included recipients — and no doubt some would-be recipients — of riches from his sovereign wealth fund, one of the largest in the world.
David Rubenstein, the co-founder of US buyout group Carlyle, served as master of ceremonies. He suggested that when Mr Bastaki eventually retires, the KIA chief should consider establishing a private equity firm; answering, as Mr Rubenstein quipped, “the highest calling of mankind”.
The celebrated Mr Bastaki has a different challenge in mind.
The KIA, the world’s oldest sovereign wealth fund, has derived most of the nearly $600bn it manages from Kuwait’s oil revenues. Mr Bastaki knows its history well, as the first managing director to be plucked from the ranks of the fund’s staff.
#Dubai Commercial Property Market, Investment Strategy, Company Outlook With Majid Al Futtaim - Bloomberg
Dubai Commercial Property Market, Investment Strategy, Company Outlook With Majid Al Futtaim - Bloomberg:
Alain Bejjani, chief executive officer at Majid Al Futtaim Holding, discusses Dubai’s commercial property market, his investment strategy for Saudi Arabia, Middle East customers, the company’s geographical footprint and his outlook for the company. He speaks on “Bloomberg Daybreak: Middle East” from the sidelines of the Future Investment Initiative in Riyadh. (Source: Bloomberg)
Alain Bejjani, chief executive officer at Majid Al Futtaim Holding, discusses Dubai’s commercial property market, his investment strategy for Saudi Arabia, Middle East customers, the company’s geographical footprint and his outlook for the company. He speaks on “Bloomberg Daybreak: Middle East” from the sidelines of the Future Investment Initiative in Riyadh. (Source: Bloomberg)
MGM Sets Year-End Target for Sale of MGM Grand in Las Vegas - Bloomberg
MGM Sets Year-End Target for Sale of MGM Grand in Las Vegas - Bloomberg:
MGM Resorts International expects to announce a buyer for its flagship MGM Grand resort in Las Vegas by the end of year, marking one of the final steps toward its goal of becoming an “asset-light” casino operator.
The company agreed this month to sell the Bellagio resort in Las Vegas to Blackstone Group in a $4.25 billion deal under which MGM will continue to manage the property. MGM is also selling its Circus Circus casino in the city to real estate mogul Phil Ruffin.
Chief Executive Officer Jim Murren said on a conference call Wednesday that he’ll use the proceeds from the MGM Grand sale to reduce debt and invest in new growth opportunities, including a potential $10 billion casino in Japan and sports betting in the U.S.
MGM Resorts International expects to announce a buyer for its flagship MGM Grand resort in Las Vegas by the end of year, marking one of the final steps toward its goal of becoming an “asset-light” casino operator.
The company agreed this month to sell the Bellagio resort in Las Vegas to Blackstone Group in a $4.25 billion deal under which MGM will continue to manage the property. MGM is also selling its Circus Circus casino in the city to real estate mogul Phil Ruffin.
Chief Executive Officer Jim Murren said on a conference call Wednesday that he’ll use the proceeds from the MGM Grand sale to reduce debt and invest in new growth opportunities, including a potential $10 billion casino in Japan and sports betting in the U.S.
#Qatar Prepares for Legislative Elections After 15-Year Delay - Bloomberg
Qatar Prepares for Legislative Elections After 15-Year Delay - Bloomberg:
Qatar moved a step closer to holding legislative elections Wednesday after delaying them repeatedly for over a decade.
The country’s ruler, Sheikh Tamim bin Hamad Al Thani, issued a decision establishing a committee to prepare for elections to a key legislative body, according to a tweet from state-run Qatar News Agency.
Should the process move forward, Qatar would become the last Gulf Arab monarchy to introduce legislative elections. The small gas-rich nation has faced a trade and political boycott from Arab states led by Saudi Arabia and the United Arab Emirates that has disrupted its trade and forced it to rethink alliances.
Qatar moved a step closer to holding legislative elections Wednesday after delaying them repeatedly for over a decade.
The country’s ruler, Sheikh Tamim bin Hamad Al Thani, issued a decision establishing a committee to prepare for elections to a key legislative body, according to a tweet from state-run Qatar News Agency.
Should the process move forward, Qatar would become the last Gulf Arab monarchy to introduce legislative elections. The small gas-rich nation has faced a trade and political boycott from Arab states led by Saudi Arabia and the United Arab Emirates that has disrupted its trade and forced it to rethink alliances.
Aramco IPO Becomes Factor in Timing of Egypt’s Own Share Offers - Bloomberg
Aramco IPO Becomes Factor in Timing of Egypt’s Own Share Offers - Bloomberg:
What’s set to be the world’s biggest IPO is already causing ripples across the Red Sea.
Egypt government says banks advising on its own long-awaited sales of stakes in state companies are urging it to take the looming listing of Saudi Arabia’s Aramco into account. That could mean a shift in the North African nation’s plans to raise about 80 billion pounds ($4.95 billion) from all its offers and bring in much-needed foreign investment.
Aramco hasn’t given a date for its IPO, but Al Arabiya TV reported this week the oil giant will start trading on Saudi’s stock exchange Dec. 11.
What’s set to be the world’s biggest IPO is already causing ripples across the Red Sea.
Egypt government says banks advising on its own long-awaited sales of stakes in state companies are urging it to take the looming listing of Saudi Arabia’s Aramco into account. That could mean a shift in the North African nation’s plans to raise about 80 billion pounds ($4.95 billion) from all its offers and bring in much-needed foreign investment.
Aramco hasn’t given a date for its IPO, but Al Arabiya TV reported this week the oil giant will start trading on Saudi’s stock exchange Dec. 11.
Damac chairman buys Italian firm Roberto Cavalli | ZAWYA MENA Edition
Damac chairman buys Italian firm Roberto Cavalli | ZAWYA MENA Edition:
Vision Investment Company (VIC), the private investment vehicle of Dubai-based billionaire Hussain Sajwani, chairman of Damac Properties, has acquired the Italian fashion house Roberto Cavalli.
VIC is part of Dico Group, which is a private investment vehicle of the Damac chairman.
"Vision Investment Company, part of the Dico Group, which is the private investment vehicle of Sajwani, has made the purchase. We will make further comments in due course," Niall McLoughlin, senior vice president of Damac Properties, confirmed to Khaleej Times on Wednesday.
Vision Investment Company (VIC), the private investment vehicle of Dubai-based billionaire Hussain Sajwani, chairman of Damac Properties, has acquired the Italian fashion house Roberto Cavalli.
VIC is part of Dico Group, which is a private investment vehicle of the Damac chairman.
"Vision Investment Company, part of the Dico Group, which is the private investment vehicle of Sajwani, has made the purchase. We will make further comments in due course," Niall McLoughlin, senior vice president of Damac Properties, confirmed to Khaleej Times on Wednesday.
#Saudi central bank cuts rates by 25 bps -statement - Reuters
Saudi central bank cuts rates by 25 bps -statement - Reuters:
Saudi Arabia’s central bank said on Wednesday it had cut key interest rates following the U.S. Federal Reserve decision to cut interest rates for the third time this year.
The Saudi Arabian Monetary Authority (SAMA) cut its repo rate, used to lend money to banks, to 225 basis points from 250 bps, and the reverse repo, the rate at which commercial banks deposit money with the central bank, by the same margin to 175 bps.
Saudi Arabia’s central bank said on Wednesday it had cut key interest rates following the U.S. Federal Reserve decision to cut interest rates for the third time this year.
The Saudi Arabian Monetary Authority (SAMA) cut its repo rate, used to lend money to banks, to 225 basis points from 250 bps, and the reverse repo, the rate at which commercial banks deposit money with the central bank, by the same margin to 175 bps.
Oil prices rise, shrug off inventory gain, look for China stimulus - Reuters
Oil prices rise, shrug off inventory gain, look for China stimulus - Reuters:
Oil prices rose on Thursday as investors banked on more economic stimulus by China after weak PMI data, partly recovering from losses in the previous session on a much larger than expected build in U.S. crude stocks.
Brent crude futures were up 39 cents, or 0.6%, at $61 a barrel by 0747 GMT. They dropped by 1.6% on Wednesday.
U.S. West Texas Intermediate (WTI) crude futures were up 30 cents, or 0.5%, at $55.36 after a 0.9% decline in the previous session.
Factory activity in China shrank for a sixth straight month in October while growth in China’s services sector activity was its slowest since February 2016, official data showed on Thursday.
Oil prices rose on Thursday as investors banked on more economic stimulus by China after weak PMI data, partly recovering from losses in the previous session on a much larger than expected build in U.S. crude stocks.
Brent crude futures were up 39 cents, or 0.6%, at $61 a barrel by 0747 GMT. They dropped by 1.6% on Wednesday.
U.S. West Texas Intermediate (WTI) crude futures were up 30 cents, or 0.5%, at $55.36 after a 0.9% decline in the previous session.
Factory activity in China shrank for a sixth straight month in October while growth in China’s services sector activity was its slowest since February 2016, official data showed on Thursday.
#UAE central bank cuts rates by 25 basis points - Reuters
UAE central bank cuts rates by 25 basis points - Reuters:
The United Arab Emirates central bank said on Wednesday that it was cutting interest rates applied on the issuance of certificates of deposits by 25 basis points.
The central bank also said the repo rate for borrowing short-term liquidity had been cut by 25 basis points.
The United Arab Emirates central bank said on Wednesday that it was cutting interest rates applied on the issuance of certificates of deposits by 25 basis points.
The central bank also said the repo rate for borrowing short-term liquidity had been cut by 25 basis points.
UPDATE 1- #Saudi finance minister says oil GDP to fall 3% this year - Reuters
UPDATE 1-Saudi finance minister says oil GDP to fall 3% this year - Reuters:
Saudi Arabia expects its oil gross domestic product (GDP) to fall by 3% this year, its finance minister said on Thursday.
“For the non-oil GDP we maintained GDP growth at 2.9%,” Mohammed al-Jadaan said at the Future Investment Initiative conference in Riyadh.
Foreign direct investment has increased year to date, Jadaan said, adding that local private investment grew 1.3% in the first half of the year.
Saudi Arabia expects its oil gross domestic product (GDP) to fall by 3% this year, its finance minister said on Thursday.
“For the non-oil GDP we maintained GDP growth at 2.9%,” Mohammed al-Jadaan said at the Future Investment Initiative conference in Riyadh.
Foreign direct investment has increased year to date, Jadaan said, adding that local private investment grew 1.3% in the first half of the year.
MIDEAST STOCKS-Most major Gulf markets slip though #Qatar edges up on banks - Agricultural Commodities - Reuters
MIDEAST STOCKS-Most major Gulf markets slip though Qatar edges up on banks - Agricultural Commodities - Reuters:
Most major Gulf stock markets fell on Thursday, with Saudi Arabia leading the way on declines in corporate earnings, though Qatar bucked the trend as banks rose.
In Saudi Arabia, the benchmark index was down 0.5%, with Al Rajhi Bank declining 0.7% and Jabal Omar Development sliding 2.9%, making it the biggest in the index.
The developer posted a net loss of 80.6 million riyals ($21.5 million) on Wednesday compared with a profit of 469.6 million a year earlier. The firm blamed the losses on lower revenue from sales of residential units.
Advanced Petrochemical fell 1.1%. It reported a rise in third-quarter net profit of more than 5% but revenue dropped over 13%.
Most major Gulf stock markets fell on Thursday, with Saudi Arabia leading the way on declines in corporate earnings, though Qatar bucked the trend as banks rose.
In Saudi Arabia, the benchmark index was down 0.5%, with Al Rajhi Bank declining 0.7% and Jabal Omar Development sliding 2.9%, making it the biggest in the index.
The developer posted a net loss of 80.6 million riyals ($21.5 million) on Wednesday compared with a profit of 469.6 million a year earlier. The firm blamed the losses on lower revenue from sales of residential units.
Advanced Petrochemical fell 1.1%. It reported a rise in third-quarter net profit of more than 5% but revenue dropped over 13%.
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