FINANCIAL NEWS

Industries Qatar quarterly profits decline 14%

15 Apr 2010

profit to $332 million from a year earlier, despite its strong operating income, QNA reported.

The company’s revenue jumped by 22 percent to $727.5 million, whereas direct costs were brought down by 5 percent to $387.1 million, resulting in a 79 percent surge in gross profit to $343 million.

Operating profit expanded 95 percent to $299 million although selling expenses were up 32 percent to $9.93 million and general and administrative costs by 7 percent to $34.07 million.

It is worth mentioning that Qatar Industries is the holding entity for Qatar Petrochemicals, Qatar Steel, Qatar Fuel Additives and Qatar Fertilizer.

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