Barwa 9-month profit hits $229m
Doha, October 30, 2011
Qatar's Barwa Real Estate reported a nine-month net profit of 833.3 million riyals ($229 million) compared with 775.6 million riyals in the corresponding period last year, the developer said in a statement.
Barwa's third-quarter net profit was 81 million riyals, Reuters calculated based on the company's half-year earnings report. The company made a profit of 752.5 million riyals in the first half of the year.
The company did not provide more details on its earnings in the statement.
Barwa, like other Arab developers, has been hit hard by a region-wide property slump. Qatari Diar, the property arm of the state-owned Qatar Investment Authority, owns a 45 percent stake in the firm.
Barwa laid off nearly 90 employees amid a restructuring move pushed through by its chief executive, sources told Reuters in April. - Reuters