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Mon 22 Feb 2016 10:49 AM

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Qatar's Barwa Real Estate swings to Q4 net loss

One of Gulf’s largest listed developers reports $142m loss, compared to $577m profit in same quarter last year

Qatar's Barwa Real Estate swings to Q4 net loss

Qatar's Barwa Real Estate , one of its largest listed developers, swung to a loss in the fourth quarter, according to Reuters calculations on Sunday.

Barwa made a net loss of 518 million riyals ($142.3 million) in the three months to Dec. 31, Reuters calculated, based on Barwa's annual financial statement, in lieu of a quarterly breakdown. It made a profit of 2.10 billion riyals in the same period a year ago.

The company's 2015 profit was 3.06 billion riyals, versus 2.78 billion riyals in 2014, it said in a short bourse statement.

Barwa's board has recommended paying a cash dividend of 2.2 riyals per share, the same payout as the previous year.

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