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Qatar's Barwa Real Estate reports USD51m profit in Q3  Join our daily free Newsletter

MENAFN - 23/10/2012

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(MENAFN) Qatar's developer Barwa Real Estate reported USD50.92 million net profit during the third quarter, up from USD22.2 million a year earlier, Reuters reported.

The company, which is 45 percent owned by Qatari Diar, the property arm of Qatar Investment Authority (QIA), said that earnings were driven by net fair value gain taken on investment properties, which soared to USD34.4 million in the quarter from USD5.6 million a year ago.

The company also reported USD144.6 million revenue in the quarter, up from USD98.73 million a year ago, which made up for the higher operating costs which hit USD32.88 million in the quarter and finance costs that tripled to USD34.81 million.

Earlier this month, Barwa unveiled plans to give up assets worth USD4.4 billion in Qatar and Egypt to repay its debts, including land in the natural gas-rich country and the Barwa New Cairo project in Egypt and will be reflected in fourth-quarter results.

 






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