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Sun 30 Oct 2011 06:27 PM

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Qatar's Barwa posts 7.5% rise in nine-month net profit

Real estate giant which laid off 90 staff in April says it made $229m net profit to Sept

Qatar's Barwa posts 7.5% rise in nine-month net profit
Barwas Commercial Avenue project in Qatar.

Qatar's Barwa Real Estate reported a nine-month net profit of QR833.3m ($229m) compared with QR775.6m in the corresponding period last year, the developer said in a statement on Sunday.

Barwa's third-quarter net profit was QR81m, Reuters calculated based on the company's half-year earnings report.

The company made a profit of QR752.5m in the first half of the year.

The company did not provide more details on its earnings in the statement.

Barwa, like other Gulf Arab developers, has been hit hard by a region-wide property slump.

Qatari Diar, the property arm of the state-owned Qatar Investment Authority, owns a 45 percent stake in the firm.

Barwa laid off nearly 90 employees amid a restructuring move pushed through by its chief executive, sources told Reuters in April.

Shares of the firm ended 0.3 percent higher on the Doha bourse before the announcement.

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