Mazaya Qatar Real Estate Development has reported increase in net profit while Salam International, Qatar German Medical Devices and Barwa Real Estate Group have reported decrease in their respective net profits for the period ending June 30 compared to the same period in 2012.
Mazaya Qatar's H1 net profit was up to QR 10.3 Million from QR 6.7 Million reported for the same period in 2012. Its Earning per Share (EPS) were QR 0.103 as of June 30, 2013 compared to QR 0.067 for the corresponding period in 2012.
Salam International H1 net profit was down to QR 14.5 Million compared to QR 38.2 Million reported for the same period in 2012. Its EPS was down to QR 0.13 compared to QR 0.33 in 2012.
Qatar German for Medical Devices revealed a net loss of QR 2.1 Million in comparison to a net loss of QR 3.4 Million for the corresponding period in 2012. Its Loss per Share (LPS) amounted to QR 0.19 as of June 30, compared to LPS of QR 0.30 in 2012.
Barwa's H1 net profits reached QR 199 Million compared to QR 593 Million in 2012 and its Earnings per Share (EPS) were QR 0.51 compared to QR 1.53 over the same period last year.
Barwa attributed the drop in net profits to delays in sealing some deals announced earlier this year. The results, however, show an improvement in operational efficiency leading to a 25% increase in revenues from rents.
Additionally, the Group registered savings in costs and expenses reflected in a decrease of 12% in general and administrative expenditures.
Average expenses and losses dropped by 3% with finance costs plummeting by 4% compared to the period ended 30 June 2012.
Barwa also announced that the group is in the process of finalizing a number deals related to the selling of some of Qatari Diar's assets in addition to the land of Lusail area.