Masraf Al Rayan Q2 profit $8.5mn

by Reuters Monday, 28 July 2008

Qatari Islamic lender Masraf Al Rayan posted a second-quarter net profit of 31.08 million riyals ($8.54 million), falling far short of an analyst's forecast.

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Half-year net profit was 250 million riyals, down from 666.5 million riyals a year earlier, the bank said in a statement. First-half earnings per share of 0.33 riyal compared with 0.89 riyal last year.
The second-quarter profit was 31.08 million riyals compared with 623.01 million riyals a year earlier, financial statements posted on the Doha bourse website showed.

The earnings fell far short of a forecast by Global Investment House in a survey last month that predicted second-quarter earnings of 325.1 million riyals.



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