Barwa Real Estate Q1 net profit jumps 67pc

April 30, 2014 - 9:35:35 am

DOHA: Qatar's Barwa Real Estate, which agreed a $7.1 billion financial assistance package with state property firm Qatari Diar last year, reported a 67.3 percent rise in first-quarter net profit on Wednesday.

The Doha-based developer said its profit for the three months to March 31 was QR265.1 million or $72.8 million, up from QR158.5 million in the corresponding period of 2013.

The company did not provide any reason for the profit increase or state its quarterly revenue.

Barwa has struggled with debt, leading it to offload assets and cut staffing costs.

Qatari Diar agreed to buy Barwa's assets worth $7.1 billion in June, which included its stake in unlisted Barwa Bank. (Reuters)