Qatar’s Barwa Real Estate , one of the Gulf Arab state’s largest listed developers, reported an 80 percent fall in first-quarter net profit on Wednesday.
Barwa made a net profit of 651 million Qatar riyals ($178.82 million) in the three months to March 31, it said in a statement.
This compares with a profit of 3,255 million riyals in the prior-year period, when Barwa’s earnings were boosted by the sale of real estate worth 2.7 billion riyals ($740m).
Qatari Diar, a real estate-focused unit of sovereign wealth fund the Qatar Investment Authority, owns 45 percent of Barwa.
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