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Sun 10 Aug 2014 05:30 PM

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Industries Qatar posts 38% fall in Q2 net profit

Gulf's second-largest chemical producer makes net profit of $343m in three months to June 30

Industries Qatar posts 38% fall in Q2 net profit
(Picture for illustrative purposes only)

Industries Qatar (IQ) reported a 38 percent drop in second-quarter net profit on Sunday, missing analysts' forecasts.

The Gulf's second-largest chemical producer by market value made a net profit of QR1.25 billion ($343.34 million) in the three months to June 30, according to Reuters calculations based on a company statement. This compares with a profit of QR2.02 billion in the same period of 2013.

Industries Qatar made a net profit of QR2.84 billion in the first half of 2014, the statement said, down from QR4.57 billion in the prior-year period.

The company did not explain the decrease.

Analysts polled by Reuters on average forecast Industries Qatar's quarterly profit would be QR1.63 billion.

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