QEWC records 8.8% increase in Q3 net profits

Qatar's state-run utility makes estimated $124.7mn in third quarter

QEWC has a monopoly over water and electricity supply in Qatar.
QEWC has a monopoly over water and electricity supply in Qatar.

Qatar Electricity and Water Company (QEWC), the country's monopoly utility firm, has recorded a 8.8% increase in third-quarter net profit, according to Reuters calculations.

The state-run utility made a profit of $124.7mn (QAR 454mn) in the three months to 30 September, compared to $114.6mn in the same period last year, beating analyst estimates.

Reuters' calculations were based on financial statements and figures published in local media.

EFG-Hermes forecast that QEWC would make a quarterly profit of $110.8mn, while HSBC forecast it to make $115.9mn.

QEWC made $330mn in the first nine months of 2014, up from $300mn in the same period last year, according to a statement to the Qatar bourse.

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