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