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Thu 28 Apr 2016 09:36 AM

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Qatar's Barwa Real Estate Q1 profit falls 80%

Barwa's earnings were boosted in the same period last year by the sale of real estate worth $740m

Qatar's Barwa Real Estate Q1 profit falls 80%

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.

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