Property firm received $7.1bn financial support from the state in June
Struggling Qatari property firm Barwa Real Estate, which was aided with a $7.1bn support by the state in June, on Monday posted a 40 percent drop in net profit for the first nine months of 2013.
Qatar's largest listed developer made a net profit of QAR467.5m ($128.4m) for nine months ending September 30, down from QAR779.1m in the corresponding period of 2012, the company said in a statement to Doha's bourse on Monday.
No quarterly figures were provided by the company.
Barwa, 45 percent owned by state-run Qatari Diar, received financial support in June when Diar bought Barwa's assets for $7.1bn.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.