Industries Qatar Q1 profit jumps 75pc to $576m
Doha, April 12, 2011
Petrochemicals and metals company Industries Qatar (IQ) posted a 75 per cent jump in first-quarter net profit on Tuesday, beating analysts' expectations on average.
The Gulf's second-largest chemical producer by market value made a first quarter net profit of QR2.1 billion ($576.6 million), according to a statement on the bourse website, compared with QR1.2 billion a year earlier.
The company reported QR4 billion in revenue for the first quarter, the statement said.
Analysts polled by Reuters on average expected the company to post quarterly profit of QR1.7 billion.
Industries Qatar is one of the regional petrochemicals companies that have struggled through the global economic downturn, although market fundamentals have shown signs of recovery since late 2009.
IQ shares closed down one riyal at 143.60 on the Qatar bourse after the results were announced.-Reuters
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