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Thu 3 Mar 2011 12:29 PM

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Industries Qatar Q4 net profit rises but misses view

Reuters calculations put Q4 net profit at QR1.5bn, misses analyst forecasts

Industries Qatar Q4 net profit rises but misses view
PROFIT RISE: Industries Qatar reported a 40% rise in Q4 net profit but missed analysts forecasts (Getty Images)

Petrochemicals and metals company Industries Qatar (IQCD.QA) (IQ) reported a 40 percent rise in fourth quarter net profit on Tuesday, Reuters calculations show, but the results missed analysts forecast.

The Gulf's second largest chemical producer by market value made a fourth quarter net profit of QR1.5bn ($411.9 m), Reuters calculated, compared with QR1.07bn a year earlier.

The company posted a full-year net profit of QR5.6bn, it said in a statement.

Analysts polled by Reuters on average expected the company to post quarterly profit of QR1.65bn.

The company's board proposed a dividend of 5.50 riyals per share.

Reuters calculated the quarterly net profit figure from the company's previous financial statements. It earlier reported a nine-month net profit of QR4.1bn.

Industries Qatar is one of the regional petrochemicals companies that have struggled through the global economic downturn, although market fundamentals have shown signs of recovery since late 2009.

IQ shares closed down 1.2 percent on the Qatar bourse before the results were announced. They have fallen 5.7 percent so far this year as foreign investors have been selling the stock amid a regional political unrest that have crippled markets.

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