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Qatar's Barwa posts 8.3% drop in nine-month profit

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Wednesday, 29 October 2008
BARWA PROFITS: Doha-based real estate developer has announced profits are down for nine-month period of 2008. (Getty Images)
BARWA PROFITS: Doha-based real estate developer has announced profits are down for nine-month period of 2008. (Getty Images)

Qatari real estate developer Barwa reported an 8.3 percent decline in nine-month profit on Wednesday, citing the postponed sales of assets due to poor market conditions.

Net profit fell to 299 million riyals ($82.19 million) for the nine months ended Sept 30, down from 326 million riyals in the year-earlier period, the company said in a statement on the bourse website. It did not give a quarterly figure.

"The reason for the slight decline is due to postponing the sale of investment opportunities, which are expected to be concluded whenever the market conditions are more favorable," Barwa said.

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The developer's shares, which are down 24.34 percent this year, closed up 2.74 percent before the results were released. (Reuters)

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