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.
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