Qatar's Barwa Real Estate Q2 net profit tumbles 80%

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Barwa Real Estate, a struggling Qatari property firm which received $7.1 billion in financial support from the state in June, posted a slump in first-half net profit on Thursday.

Qatar's largest listed property developer posted a net profit of 199.2 million riyals ($54.7 million) for the six months to June 30, compared with 593.7 million riyals in the corresponding period of 2012.

Second-quarter net profit came to 40.7 million riyals, Reuters calculated based on previous earnings announcements. That compares with 204.02 million riyals in the corresponding quarter of last year.

The company did not provide quarterly figures.

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