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FINANCIAL NEWS
Qatar’s Barwa Jan-Sep net profit grows to USD229m
31 Oct 2011
(MENAFN) Barwa Real Estate said that net profit in the January-September period grew to USD229 million from USD212.9 million recorded in last year’s same period, reported Arabian Business.
The firm added that in the January-June period, profit reached USD206.5 million, however, the firm suffered from the global financial crisis and its impact on the region and the property sector just like other Gulf Arab real estate firms.
The Qatari developer also said that due to a restructuring move, the company laid off around 90 employees.
It is worth noting that a 45 percent stake in Barwa is owned by Qatari Diar, the property arm of the state-owned Qatar Investment Authority.
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