(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.
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