Profits fall 40% at Qatar’s bailed-out Barwa Real Estate

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Struggling Qatari property firm Barwa Real Estate, given $7.1 billion in support by the state in June, posted a 40 percent drop in net profit for the first nine months of 2013.

The company, Qatar’s largest listed developer, made a net profit of 467.5 million riyals ($128.4 million) for the nine months ending Sept. 30, down from 779.1 million riyals a year earlier, it said in a statement to Doha's bourse on Monday.

No quarterly figures were provided by the company.

Barwa, 45 percent owned by state real estate firm Qatari Diar, received financial support in June when Diar bought its assets for $7.1 billion.

It has been cutting staff and selling assets to pay down its debts. Last October it announced plans to sell assets worth 16 billion riyals ($4.4 billion) in Qatar and Egypt to pay down loans.

Property firms in Qatar are struggling even as the country begins to pour billions of dollars from its oil wealth into infrastructure in preparation for hosting the 2022 Soccer World Cup.

Shares in Barwa are down 8.4 percent this year.

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