DUBAI: Qatari property firm Barwa Real Estate, which was aided with a $7.1 billion support by the state in June, on Monday posted a 40 percent drop in net profit for the first nine months of 2013.
Qatar's largest listed developer made a net profit of 467.5 million riyals or $128.4 million for nine months ending Sept. 30, down from 779.1 million riyals in the corresponding period of 2012, the company said in a statement to Doha's bourse on Monday.
No quarterly figures were provided by the company.
Barwa, 45 percent owned by state-run Qatari Diar, received financial support in June when Diar bought Barwa's assets for $7.1 billion. (Reuters)