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Thu 14 Jul 2016 09:39 AM

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Qatar Electricity and Water Q2 net profit up 13%

The state-run utility made a profit of $121.8 million in the three months ending June 30

Qatar Electricity and Water Q2 net profit up 13%

Qatar Electricity and Water Co (QEWC), the Gulf state's monopoly utility firm, reported a 13.4 percent rise in second-quarter net profit, according to Reuters calculations.

The state-run utility made a profit of 443.56 million riyals ($121.8 million) in the three months ending June 30 compared with 391 million riyals in the same period a year earlier, according to calculations based on results figures in a bourse statement.

QNB Financial Services had forecast a quarterly profit for QEWC of 382.4 million riyals while EFG Hermes expecting 388.95 million riyals.

QEWC reported a net profit for the first six months of 2016 of 791 million riyals, 7.3 percent up on the 737.2 million riyals it made in the corresponding period of last year.

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