Barwa posts Q2 loss of $15m
Doha, August 14, 2008
Barwa Real Estate Co, Qatar’s second-largest property firm by market value, posted a loss of 55 million Qatari riyals ($15.12 million) in the second quarter, its first quarterly loss ever.
The second-quarter performance, which Reuters calculated based on previously reported data, fell far short of an analyst forecast of a 238.66 million riyal profit for the quarter in a survey in June.
The company’s chief financial officer declined to comment on the results. A Barwa spokesman was also not available for comment.
Barwa, an affiliate of the state-owned Qatar Investment Authority’s $40 billion property wing, said net profit for the first six months of the year rose 38.4 percent to 278.80 million riyals from the same period last year, according to a statement on the Qatari bourse website.
The firm posted a net profit of 333.79 million riyals in the first quarter this year.
Samer Al Jaouni, analyst and general manager at the Middle East Financial Brokerage, said the quarterly loss would likely depress shares.
’If we look at the profits they were making before, it is shocking,’ he said. ’They should be giving some sort of clarification.’
Earnings per share for the six month period rose to 1.13 riyals from 0.95 riyals in the same period last year.
Barwa said in late June it would invest $2 billion in the Libyan real estate market, to develop leisure, commercial and residential facilities, as part of $8 billion worth of deals between the two countries. - Reuters