Qatar's Barwa reports $151m net profit for Q2 2016

The Qatar-based developer reported a near-trebling net profit for the three months to June 30

Barwa Real Estate reported a net profit of $151.1m for Q2 2016.
Barwa Real Estate reported a net profit of $151.1m for Q2 2016.

Qatar's Barwa Real Estate has reported a net profit of $151.1m (QAR550) for the second quarter of 2016, Reuters reported citing its calculations.

The developer's near-trebling net profit for the three months to June 30 was based on previous financial statements in the absence of a quarterly breakdown.

This figure compares with a profit of $53m (QAR193m) for the corresponding period of 2015.

Barwa recorded a net profit of $329.5m (QAR1.20bn) in the first half of 2016, compared with $947.5m (QAR3.45bn) in the corresponding period of 2015, a bourse statement revealed.

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