Industries Qatar Q3 profit jumps

Doha, October 13, 2011

Third-quarter net profit at petrochemicals and metals company Industries Qatar  (IQ) leapt 47.9 percent on Wednesday on strengthening petrochemical prices.

The Gulf's second-largest chemical producer by market value made a third-quarter net profit of 2.07 billion riyals, according to Reuters calculations, compared with 1.4 billion riyals a year earlier.

Analysts polled by Reuters on average expected the company to post quarterly profit of 2.2 billion riyals.

The company made a nine-month net profit of 6.25 billion riyals, it said in a statement without giving further detail.

Petrochemical prices have returned to near pre-crisis levels, but worries persist over how a potential double-dip global recession may impact petrochemicals companies' earnings in the world's top oil exporting region. - Reuters

Tags: Gulf | Industries Qatar | petrochemicals |