Mazaya Qatar Net Profit Turns Net Loss of QR6.31 Million in First Quarter of 2018

April 30, 2018

The net loss of Mazaya Qatar amounted to QR6.32 million in the first quarter of 2018, compared to QR5.02 million for the same period last year. The company’s loss per share reached QR5.5 in this quarter, versus earnings per share of QR4.3 for the corresponding period of 2017.

The Group’s Comments:

Mazaya conducted no construction activities in the first quarter. Its income amounted to QR7.2 million and was limited to rent and properties. After subtracting the operating cost, operations revenues fell more than half to QR6.3 million. The company estimated its gain on the fair value of investment property at QR4.75 million. It should be noted that public and administrative expenses increased by 47.2% to QR5.3 million, and the cost of financing increased by 44.6% to QR12.1 million. As a result, the company recorded a loss of QR6.32 million, versus a profit of QR5 million in the corresponding period of 2017.