Prince Alwaleed Bin Talal's Kingdom Holding on Tuesday posted an 82.8 percent drop in second quarter net profit. The firm had net profit of SR92.1 million in ($24.6 million) in the three months to June 30, down from SR534.7 million a year earlier, Kingdom Holding said in a statement posted on the Saudi bourse's website. The investment company said its profit tumbled because of stock market losses and a slump at its hotel businesses. The Riyadh-based company, which holds stakes in numerous international firms such as Citigroup, News Corporation, Four Seasons Hotels, Kodak and eBay, attributed the decline to losses on its international investments and a downturn in the hotel industry.
