(MENAFN) Industries Qatar (IQ) recorded USD261.1 million net profit in the first quarter of the year, marking 40 percent decrease over the corresponding period of 2014, Gulf Times reported.
However, the firm's sales went up by 20 percent in spite of the falling profits. IQ said that it has performed well in all of its segments despite the decline in oil prices.
"The drop in the first quarter net profit was a result of a weak product prices following the significant fall in global oil prices," Industries Qatar said in a statement.
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