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Industries Qatar profits drop in Q1

28 Apr 2014

(MENAFN) The industrial Qatari giant, Industries Qatar (IQ), posted a USD439 million net profit in the first three months of 2014, down by USD24.5 million compared to the previous quarter, The Peninsula Qatar reported.

The firm, which has an interest in the production of a wide range of petrochemical, fertilizer and steel products, attributed the drop to the major maintenance shut-downs.

IQ registered a USD356 million revenue in the first quarter, decreasing by 20.6 percent to USD82.3 million compared to the same period of 2013.

“These preventive maintenance and warranty shut-downs are an essential requirement for large, industrial plants as they can help minimize unplanned disruption and ensure product quality is maintained,” said the Minister of Energy and Industry.

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