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FINANCIAL NEWS
Industries Qatar profits surge 20 percent in Q2
04 Aug 2015
(MENAFN) Industries Qatar said its second-quarter profit increased 20 percent, beating analyst forecasts, although its half-year profit fell because of declining petrochemicals prices.
The petrochemicals, steel and fertilizer producer made a profit of USD412 million in the three months to June 30, up from USD342.77 billion a year ago, according to Reuters calculations.
Analysts polled by Reuters had on average forecast Industries Qatar would make a quarterly net profit of USD331.8 billion. The company’s quarterly revenue rose 20 percent to USD438.75 million.
Oil and petrochemicals prices are closely correlated and Gulf producers benefit from subsidized feedstock costs. This advantage over rival manufacturers not receiving subsidies lessens as oil prices decline.
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