Real estate related news and press releases covering MENA region.
Qatar's Barwa Real Estate sees 47% profit decline
May 03, 2012
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 ôequity-accounted-investees,ö 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.