| 08 February, 2017

Qatar's Barwa Real Estate Q4 swings to profit

The company reported a net profit of $27.46m in the three months ending Dec. 31

DUBAI, Feb 8 (Reuters) - Qatar's Barwa Real Estate, one of the Gulf Arab state's largest listed developers, swung to a fourth-quarter net profit on Tuesday, according to Reuters calculations.

Net profit of 100 million riyals in the three months ending Dec. 31 versus a net loss of 518 million riyals ($142.26 million) a year earlier.

Reuters calculated based on financial statements in lieu of a quarterly breakdown.

Barwa's 2016 net profit 1.6 billion riyals, down from 3.06 billion riyals a year ago, a bourse statement said.

The board has recommended a cash dividend of 2.5 riyals per share. This compares to last year's proposal of 2.2 riyals.

The company did not state reasons for its financial performance.

($1 = 3.6411 Qatar riyals)

($1 = 3.6411 Qatar riyals)

(Reporting by Alexander Cornwell, editing by Hadeel Al Sayegh) ((;))