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Industries Qatar reports USD549m profit in Q2

30 Jul 2013

(MENAFN) Industries Qatar (IQ) reported a 6.5 percent decline in quarterly earnings on weaker petrochemical prices, Reuters reported.

The company said it made USD549.3 million net profit during the second quarter, down from USD587.3 million a year earlier.

Revenue from petrochemical division dropped 9 percent to USD301.87 million, compared to the first quarter due to weaker prices, as well as moderately weaker volumes following unplanned shutdowns of 15 days and 20 days, the statement said.

The company also said that its steel sales fell 14.4 percent in the second quarter, while first half steel revenue declined by 7.1 percent from the same period last year.

Second-quarter volumes were also hurt by a cumulative 52 days of maintenance downtime, it said.

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