Barwa Real Estate reports near-trebling of Q2 net profit

Posted on 5th July 2016

Barwa Real Estate, one of Qatar's largest listed developers, reported a near-trebling of second-quarter net profit on Monday, according to Reuters calculations.

Barwa made a net profit of QR550 million ($151.1 million) in the three months to June 30, Reuters calculated based on previous financial statements in the absence of a quarterly breakdown, according to Tradearabia news report.

This compares with a profit of QR193 million ($53 million) in the prior-year period, Reuters data shows.

Barwa made a net profit of QR1.2 billion ($329 million) in the first half of 2016, compared with QR3.45 billion ($946 million) in the corresponding period of last year, a bourse statement showed.

Qatari Diar, a real estate-focused unit of sovereign wealth fund the Qatar Investment Authority, owns 45 per cent of Barwa.

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