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Wed 29 Apr 2015 11:40 AM

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Qatar's Barwa Real Estate Q1 net profit surges over 1000%

Developer saw three month profit rise to $879.1m, up from $72.79m in the same period last year

Qatar's Barwa Real Estate Q1 net profit surges over 1000%

Qatar's Barwa Real Estate, one of the Gulf Arab state's largest listed developers, posted a huge jump in first-quarter net profit on Wednesday.

Barwa made a net profit of 3.2 billion riyals ($879.10 million) in the three months to March 31, up from 265 million riyals ($72.79m) a year earlier, it said in bourse statement.

The company, which did not state its quarterly revenue or provide further details to explain the profit jump, agreed in December to sell two plots of land to the government for a combined $1.47 billion, its latest land sale to state-related entities.

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