Doha: Mazaya Qatar Real Estate Development has reported increase in net profit while Salam International, Qatar German Medical Devices and Barwa Real Estate Group have reported decrease in their respective net profits for the period ending June 30 compared to the same period in 2012.
Mazaya Qatar’s H1 net profit was up to QR10.3m from QR6.7m reported for the same period in 2012. Its earning per share (EPS) was QR0.103 as of June 30, 2013 compared to QR0.067 for the corresponding period in 2012.
Salam International H1 net profit was down to QR14.5m compared to QR38.2m reported for the same period in 2012. Its EPS was down to QR0.13 compared to QR0.33 in 2012. Qatar German for Medical Devices revealed a net loss of QR2.1m in comparison to a net loss of QR3.4m for the corresponding period in 2012. Its loss per share amounted to QR0.19 as of June 30, compared to LPS of QR0.30 in 2012.
Barwa’s H1 net profits reached QR199m compared to QR593m in 2012 and its earnings per share was QR0.51 compared to QR1.53 over the same period last year.
Barwa attributed the drop in net profits to delays in sealing some deals announced earlier this year. The results, however, show an improvement in operational efficiency leading to a 25 percent increase in revenues from rents.
Additionally, the group registered savings in costs and expenses reflected in a decrease of 12 percent in general and administrative expenditures. Average expenses and losses dropped by 3 percent with finance costs plummeting by 4 percent compared to the period ended June 30, 2012.
Barwa also announced that the group is in the process of finalising a number deals related to the selling of some of Qatari Diar’s assets in addition to the land of Lusail area. QNA
