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AME Info - Real Estate News

Daily, Dubai
Real estate related news and press releases covering MENA region.

Qatar's Barwa Real Estate sees 47% profit decline

May 03, 2012
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Qatari developer Barwa Real Estate Co has posted a 47% decline in its first-quarter net profit to QR292.46m, Gulf Times has reported. Rental income rose 5% to QR177.28m and income from consultancy and other related services by 55% to QR111.03m. It also made a profit of QR78.45m on sale of properties and earned QR12.24m as share of results from “equity-accounted-investees,” Barwa said. However, total revenues and gains more than halved to QR650.59m as its profit on disposal of subsidiaries plunged 53% to QR194.66m and reported a loss of QR25.38m on re-measurement of investment properties against a gain of QR420.08m in the year-ago period, the developer said.