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Barwa slashes financial obligations by 72% in 9m

Barwa slashes financial obligations by 72% in 9m
Barwa
BRES
-0.72% 2.76 -0.02
Barwa Company , one of the leading Real Estate and investment Company , stated that it has succeeded in lowering financial obligations for the first nine months period of 2014 to QAR billion ($2.2 billion) in comparison to QAR28 billion ($7.7 billion) on December, 30 2013 , down by 72%.

The company noted, in a press statement, that this was mainly attributed to many successful deals made and announced in that period and this affected the decrease the funding by QAR80 million in comparison of the same period ending September 30, 2014.

The real estate developer expects to achieve more reduction of its financial obligations thanks to the financial restructuring the company is perusing to minimize its current dept.

Meanwhile, Barwa has announced its fiscal results for period ending Sept 2014. The results have shown net profit worth QAR673 million . And a return of QAR1.75 for each share in the same period in comparison to QAR467 million and QAR1.73 a share during the same period in 2013.

However, on the operations’ side , the group has recently announced “Motor City Project” and Barwa is working on finishing projects that are under development. Like the labor camp in the Baraha Project, the accommodations for “Shell” in Al Khor area and making them operational to support the revenue of the operational side.