Bloomberg News

Barwa Tumbles Most Since August After Third-Quarter Profit Drops

October 31, 2011

Oct. 31 (Bloomberg) -- Barwa Real Estate Co. tumbled the most in almost three months after the third-quarter profit of Qatar’s biggest property developer declined.

The shares retreated 3.1 percent, the most since Aug. 9, to 29.95 riyals at 10:45 a.m. in Doha. The benchmark QE Index declined 0.6 percent.

Third-quarter net income plunged to 80.8 million riyals compared with 277.2 million riyals in the same period a year earlier, according to financial statements compiled by Bloomberg.

To contact the reporter on this story: Alaa Shahine in Dubai at asalha@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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