Doha – Mubasher: Mazaya Qatar Real Estate Development Company posted on Wednesday a rise of 2.5% year-on-year in its net profit for the first quarter of the fiscal year 2016.

Net profit reached QAR 26.7 million ($7.33 million) in Q1-16, versus QAR 26.06 million ($7.15 million) in Q1-15, according to the company’s financial statements.

Earnings per share grew to QAR 0.242 ($0.07) for the quarter from QAR 0.236 ($0.06) year-on-year.

Mazaya Qatar earlier reported a net profit of QAR 112.72 million ($30.95 million) in 2015, 33.5% down from QAR 169.44 million ($46.53 million) in 2014.

The Qatar-listed company’s stock opened today 1.24% lower as 89,200 shares were exchanged at QAR 1.35 million ($370,716).