Oct 12 2011 |
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Industries Qatar's January-September Net Profit Rises 54%
Wednesday, Oct 12, 2011
DOHA (Zawya Dow Jones)--Steel-to-fertilizer conglomerate Industries Qatar (IQCD.DO), the Gulf state's largest company by market value, said Wednesday its net profit for the nine months ended Sept. 30 rose 54% to 6.25 billion Qatari riyals ($1.72 billion).
According to a Zawya Dow Jones calculation, the company's third-quarter net profit rose 46% to QAR2.08 billion, below EFG Hermes' forecast of QAR2.16 billion Beltone's forecast of QAR2.14 billion.
The group didn't give a reason for the earnings rise.
The company said in August it had put on hold two planned steel plants worth QAR8.1 billion in the industrial city of Mesaieed due to problems securing natural gas for the projects. In April, it said it planned to spend QAR12.6 billion on projects over the next four years.
-By Alex Delmar-Morgan, Dow Jones Newswires; +974 6659 9818; alex.delmar-morgan@dowjones.com
(END) Dow Jones Newswires
12-10-11 1428GMT
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