Mubasher: Barwa Real Estate posted a 10% year-on-year profit drop for the third quarter of 2018.

Net profits amounted to QAR 279.3 million in Q3-18, compared to QAR 310.04 million in Q3-17, according to the company’s statement to the Qatar Stock Exchange (QSE) late on Sunday.

Earnings per Share (EPS) recorded QAR 2.78 for the three-month period ended September, from QAR 3.14 for the same period of the previous year.

For the first nine months of 2018, Barwa’s profits rose to QAR 1.08 billion, versus QAR 1.22 billion in the same period the year before.

The Group successfully enhanced its operating revenues by increasing its rental income by QAR 70 million.

“The Group aims to increase its operating revenues by improving the efficiency of existing operational projects, in addition to supporting the Group's operational real estate portfolio through new projects,” the statement added.

It is worth noting the company logged a net profit of QAR 804 million during the period between January and June of this year, compared to QAR 912 million in H1-17.

By 09:57 am Qatar time, Barwa’s stock plunged 1.86% at QAR 36.37.