Oct 30 2011 |
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Barwa RE 3Q Net Profit Falls 56% As Debt, Obligations Rise
Sunday, Oct 30, 2011
DOHA, Qatar (Zawya Dow Jones)--Barwa Real Estate Co. (BRES.DO), Qatar's largest developer by revenue, saw third-quarter net profit fall 71% to 80.5 million Qatari riyals ($22.1 million), as debt and obligations soared.
Third-quarter net profit was QAR80.5 million compared to QAR277.2 million in the year earlier period, according to Zawya Dow Jones calculations.
The company restructured its debts at the end of 2010 and reduced borrowing costs but said, "obligations under Islamic Finance contracts" and amounts "due to related parties" rose by QAR2.7 billion in the nine months to September, according to an emailed statement late Sunday.
Nine month profit was QAR833 million, up from QAR776 million a year earlier, helped by income from sale of properties. Income from the sale of subsidiaries in the nine months rose to QAR419 million, up from QAR93 million a year ago.
Barwa Group, 45% owned by Qatar's government, is a conglomerate with over two-dozen subsidiaries ranging from real estate to fund management to banking, and has a large portfolio of properties overseas in countries including France, Egypt and the United Arab Emirates.
Barwa Real Estate is by far the biggest company in the conglomerate. In April, the developer laid off around 12% of its staff.
Shares in the developer finished trading 0.3% higher Sunday at QAR30.90 in a broadly positive overall market.
-By Alex Delmar-Morgan, Dow Jones Newswires; +974 6659 9818; alex.delmar-morgan@dowjones.com
(END) Dow Jones Newswires
30-10-11 2112GMT
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