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Mon 28 Oct 2013 10:16 AM

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Qatar's Barwa Real Estate profit down 40%

Property firm received $7.1bn financial support from the state in June

Qatar's Barwa Real Estate profit down 40%

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.

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