Qatar's Barwa posts 14% net profit increase

Barwa Real Estate Company financial statements for the period ending June 30, 2014 revealed a net profit of QR 222.22 Million, 14 % increase in comparisons to QR 199.18 Million for the same period last year.
The Company's Earning per Share (EPS) amounted to QR 0.58 as of June 30, 2014 versus QR0.52 for the corresponding period in 2013.
The company said in statement today that the "Group succeeded in selling Barwa City Project and signing a contract with Libraqa Real Estate, a subsidiary of Qatari Diar, in 2013 stating the selling of assets reaching 20 Billion QR, which decreased funding commitments by 7 Billion QR." "It is expected to continue decreasing as soon as Barwa Financial street and the rest of the assets are sold a per the memorandum of understanding between the two companies.
And that is part of the financial restructuring plan that is adopted by the company to decrease financial debt, which reflects positively on the company's financial situation," the statement said.
"The Group is also working on closing a sale to the Higher Committee for Projects and Heritage of one of its land assets which is a medical and educational land in Lusail," the statement added.