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Mon 4 Jul 2016 11:13 AM

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Barwa Real Estate nearly trebles Q2 net profit

Qatari Diar-backed Barwa made a net $151.1 million in the three months to June 30

Barwa Real Estate nearly trebles Q2 net profit

Qatar's Barwa Real Estate, one of the Gulf Arab state's largest listed developers, has reported a near-trebling of second-quarter net profit.

Barwa made a net profit of 550 million riyals ($151.1 million) in the three months to June 30, Reuters calculated based on previous financial statements in the absence of a quarterly breakdown.

This compares with a profit of 193 million riyals in the prior-year period, Reuters data shows.

Barwa made a net profit of 1.20 billion riyals in the first half of 2016, compared with 3.45 billion riyals in the corresponding period of last year, a bourse statement showed.

Qatari Diar, a real estate-focused unit of sovereign wealth fund the Qatar Investment Authority, owns 45 percent of Barwa.

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