Qatari developers report mixed fortunes

Ezdan's nine-month profits increase by 175%, Barwa profits down 40%

NEWS, Business, Barwa real estate, Ezdan, Financial results, Qatar

Ezdan Holding Group, the biggest listed developer in the GCC, has revealed a 175% rise in net profits for the first nine months of 2013.

The company declared a profit of $197.2m (QR717.6m) for the period, compared to a profit of $71.7m (QR261m) in the same period last year.

Meanwhile, Qatar's second-biggest developer by market cap, Barwa Real Estate Company, revealed that its net profits for the same period had dropped by 40% to $128.4m (QR467.5m), from $213.9m (QR779.1m) a year earlier.

In June, Barwa Real Estate revealed it was selling off around $7.2bn to its major shareholder, Qatari Diar, the government-owned property developer that owns a 45% stake in Barwa.

Barwa Real Estate said the assets were being sold as part of a financial restructuring aimed at lowering its debt and its financing costs.

 

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