Profits at the Qatari property company Barwa more than doubled in the first quarter, shortly before its chief executive was replaced.
More Business news: Editor's pick of today's headlines
Last Updated: May 02, 2011
Global markets react to Bin Laden killing News that Osama Bin Laden has been killed in a US operation had an immediate impact on markets around the world. Read article
UAE bourses have 'bigger issues' than Osama bin Laden's death Equities in the UAE were little changed at the open after news emerged that Osama Bin Laden was killed by US forces. Read article
DIFC unit cuts losses and defers $1bn loans Dubai International Financial Centre Investments reported losses of $247.7 million in 2010, but said it was reducing its debts and planning to sell assets to get on track. Read article
Further delay for Dh 1.8 billion Damas deal The Middle East's largest jeweller has extended a deadline to agree a creditor repayment plan by another month. Read article
Phased return for Sony network Sony expects gaming, music and video services to be turned on 'within the week' after its network was attacked by hackers, gaining access to the data of 77 million users. Read article
Revenue from rent and the sale of properties drove net profits to 548 million Qatari rials (Dh553m) for the quarter compared with 210m for the same period last year, the company said. Earnings per share rose to 1.41 rials from 0.80 rials a year earlier.
Total revenue for the quarter increased to 1.3 billion rials, up from 665m rials in the first quarter last year.
The report concludes an eventful period for the property and investment company, which is 45 per cent owned by Qatari Diar, the investment arm of the Qatar government.
In the first week of last month about 90 of the company's 600 employees were laid off, just two weeks after Mohammed Asad al Emadi was named as the group chief executive.
This triggered threats of resignation from several top executives, according to local press coverage. A few days later the company confirmed an "emergency co-ordination" meeting between company chairman Hitmi bin Ali al Hitmi and Mr al Emadi.
On April 17, Mr al Emadi was replaced by Abdulla bin Abdulaziz Turki al Subai'i, amid reports some of the jobs may be reinstated.
Barwa did not provide details on the sources of increased revenue for the quarter, except to cite "increased revenues from rents and services and profit on sale of properties and projects and sale of a Barwa stake in a subsidiary".
Profits were also aided by "re-appraising Barwa real estate investments", as well as increased activity from Barwa Bank. The company also confirmed it was expecting to launch the Barwa al Sadd development and the first phase of the Barwa Commercial Avenue by the end of the year.
Barwa al Sadd consists of three office towers ranging from 18 to 21 storeys in Doha. Barwa Commercial Avenue, which was originally scheduled to open next year, will eventually cover 8km and include 600 shops, 150,000 square metres of office space and 800 residential units.
The two developments will "increase rent revenues and foster the group's cash flows" by the end of the year, the company said.