(The Group’s Comment) Barwa
Real Estate Group Net Profit Declines by 25.7% to QAR 804
Million in the 3rd Quarter 2019
Profits: Profits for the 9 months period
ended 30 September 2019 declined by 25.8% (QAR 279.1 million) to
reach QAR 804.1 million compared to QAR 1083.2 million for the
same period 2018. Earnings per share amounted QAR 0.21 compared
to QAR 0.28 for the same period 2018. The 3rd quarter
profits amounted QAR 294.5 million compared to QAR 279.5 million
for the equivalent period 2018. The decline in the profits is
attributed to the following reasons:
1.
The decline in the net revenue from rental
by QAR 73.0 million
2.
The increase in the cost of financing by
nearly QAR 55.0 million
3.
The provision of QAR 31.0 million
amortizations as a result of the implementation of Standard 16
with 2019.
4.
The decline in the achieved profits from the
sale of real estates by QAR 101.8 million
5.
The 2018 results has included an amount of
QAR 140.4 million registered as an income from debt
rescheduling.
Comprehensive Income: The Company recorded
assessment losses reflected in the comprehensive income
statement of nearly QAR 13.1 million versus QAR 1090.6 million.
The company recorded an increase in the reassessment of real
estates of QAR 99.0 million to reach QAR 376.0 million nearly
35% of the operating profits. The company has also recorded
profits from the results of associated companies of QAR 64.0
million compared to QAR 18.8 million for the equivalent period
2018.
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