Barwa's earnings were boosted in the same period last year by the sale of real estate worth $740m
Qatar's Barwa Real Estate , one of the Gulf Arab state's largest listed developers, reported an 80 percent fall in first-quarter net profit on Wednesday.
Barwa made a net profit of 651 million Qatar riyals ($178.82 million) in the three months to March 31, it said in a statement.
This compares with a profit of 3,255 million riyals in the prior-year period, when Barwa's earnings were boosted by the sale of real estate worth 2.7 billion riyals ($740m).
Qatari Diar, a real estate-focused unit of sovereign wealth fund the Qatar Investment Authority, owns 45 percent of Barwa.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.