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Wed 30 Apr 2014 11:43 AM

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Qatar's Barwa Real Estate Q1 net profit jumps 67%

Developer agreed a $7.1bn financial assistance package with state property firm Qatari Diar last year

Qatar's Barwa Real Estate Q1 net profit jumps 67%

Qatar's Barwa Real Estate , which agreed a $7.1bn financial assistance package with state property firm Qatari Diar last year, reported a 67.3 percent rise in first-quarter net profit on Wednesday.

The Doha-based developer said its profit for the three months to March 31 was QAR265.1m ($72.8m), up from QAR158.5m in the corresponding period of 2013.

The company did not provide any reason for the profit increase or state its quarterly revenue.

Barwa has struggled with debt, leading it to offload assets and cut staffing costs. Qatari Diar agreed to buy Barwa's assets worth $7.1bn in June, which included its stake in unlisted Barwa Bank.

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