(The Group’s Comments) Mazaya Net Loss Climbs to QR 11.5 Million in Q1 2019

April 25, 2019

·         Profits: Mazaya Real Estate Development’s losses for the first quarter of 2019 amounted to about QR 11.5 million, compared to a loss of about QR 6.3 million for the same period of 2018, while the company’s losses per share reached QR 0.10 versus QR 0.06 for the first quarter of 2018.

·         Revenue from Operations: Mazaya’s revenues decreased to QR 3.5 million in the first quarter of 2019, compared to QR 6.3 million for the corresponding quarter of 2018. This decrease was due to a drop in rent income of QR 1.0 million, an increase in direct operating expenses of QR 1.1 million, and the absence of revenues from real estate management, contrary to the previous year, where the company recorded a QR 690,000 revenue from this activity.

·         Real Estate Assessment Profits: Mazaya’s results of the first quarter of 2018 included an amount of QR 4.75 million from a revaluation gain on real estate investments. These profits are not recurring in nature, and the results of this quarter did not include a profit for revaluation, which impacted the results of this first quarter.