Doha – Mubasher: United Development Company’s earnings declined in the second quarter of fiscal 2016 by 75% year-on-year, according to a bourse filing released on Monday.

Net profit reached QAR 73.1 million ($20.06 million) in Q2-16, versus QAR 295.2 million ($81.01 million) in Q2-15.

In the first half of the 2016, net earnings dropped 40.4% to QAR 332 million from QAR 557 million in the same period in the previous year.

The stock rose in today’s trading by 2.17%.