Industries Qatar Q2 profit down 55.6% YoY

ANALYST FORECASTS: Analysts' forecasts for Industries Qatar's quarterly profit ranged from QR0.97bn to QR1.44bn.(Getty Images)

Industries Qatar, the second-largest Gulf chemical producer by market value, said second-quarter net profit fell 55.6 percent, in line with expectations.

The company, which produces petrochemicals, steel and fertilisers, made a net profit of QR1.19bn ($327.1m) in the second quarter.

In the first half of the year, it had net profit of 2.6 billion riyals, compared with QR4.59bn a year earlier, the firm said in a statement on Thursday. It did not offer a breakdown of quarterly data.

Reuters calculated the quarterly profit based on previous financial statements.

Industries Qatar reported net profit attributable to shareholders of QR2.68bn in the second quarter of 2008 and QR1.41bn in the first quarter of this year.

Analysts' forecasts for Industries Qatar's quarterly profit ranged from 0.97 billion riyals to 1.44 billion riyals in a Reuters in July.

Industries Qatar said in April it expected its 2009 net profit to fall 34 percent to 4.8 billion riyals due to weaker global demand, falling prices and more supply from other producer.

The results were released after markets closed. Industries Qatar shares closed up 0.61 percent on the Doha bourse. ($1=3.638 riyals) (Reuters)

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