By Staff writer
Barwa posts first-quarter net profit of QR549.48 riyals, aided by income from rents
Real Estate's quarterly profit more than doubled, as revenues surged on
increased rentals and income from banking activities, the developer said in a
statement on Sunday.
had first-quarter net profit of QR548.49 ($150.6m), compared with profit of QR209.58m
in the prior-year period.
for the quarter increased, as rental income surged to QR169.2m compared with QR39.9m
in the year-before period.
from banking activities grew to QR127.89m.
company also gained from the sale of a subsidiary for QR410.8m, it said in a
statement to the Doha bourse.
assets increased to QR74.5bn.
Qatari developer laid off nearly 90 employees last month amid a restructuring
move being pushed through by its new chief executive.
like other Gulf Arab developers, was hit hard by the region-wide real estate
helped key property firms weather the global crisis by pushing through
defensive mergers and using its sovereign fund to invest in them.
Diar, the property arm of the Qatar Investment Authority, owns a 45 percent
stake in Barwa.