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