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Sun 14 Aug 2011 06:26 PM

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Qatar's Barwa says first-half net profit rises 50%

Gulf state's largest listed real estate company says its total assets stand at QR38 billion

Qatar's Barwa says first-half net profit rises 50%
Barwas Commercial Avenue project in Qatar.

Qatar's Barwa Real Estate Company said on Sunday that its first half net profit rose by just over 50 percent compared to the same period last year.

For the six months to June 30, the Gulf state's largest listed real estate firm announced a net profit of QR7.52 billion ($2.06bn) compared to QR4.98 billion for the same period in 2010, state news agency QNA reported.

Barwa has a total asset capitalisation of approximately QR38 billion after starting commercial operations in 2006.

In April, it was reported that Barwa Real Estate Company laid off nearly 90 employees amid a restructuring move being pushed through by its new chief executive.

The property developer did not issue a dividend when it reported earnings in February, despite posting an 84 percent increase in profit for 2010.

Barwa, like other Gulf Arab developers, was hit hard by the region-wide real estate slump. Qatar helped key property firms weather the global crisis by pushing through defensive mergers and using its sovereign fund to invest in them.

Qatari Diar, the property arm of the Qatar Investment Authority, owns a 45 percent stake in the firm.