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Doha – Mubasher: Mazaya Qatar Real Estate Development (QDC) earnings fell 34.01% from one year to the next in the second quarter, the Qatar Exchange (QE) reported on Wednesday.
Mazaya earnings for the three months ended June 30th amounted to 25.13 million riyals.7.03 (38.08 million USD)10.66 In the corresponding period of 2018.
Mazaya reported a net profit of 13.63 million SAR in the first half of this year, down 57.08% from the 31.76 million NAS recorded in the first half of the previous year.
Earnings per share amounted to 0.012 QAR for the second quarter of 2019, compared with 0.014 QAR per share for the same period in 2018.
In the first half of 2018, the company reported a profit of 16.21 million SAR, but Mazaya applied IFRS 16, which resulted in an adjustment of net income to 31.76 million NAS, which explains why part the decline in profit.
The half-year profit was affected by an increase in operating expenses of 114.65% to 4.25 million SAR, with a net gain on the fair value of unlisted financial investments, real estate investments and non-loss indemnities. recognized in the first half of 2018.
The company's interim results also weighed on the increase in financing costs of 216.87% to 23.86 million SAR, compared with 7.53 million in the first half of 2018.
The company exacerbated its losses in the first quarter of this year by 82% to 11.50 million riyals, compared with 6.32 million losses for the first quarter of 2018..
At 9:49 am Qatar time, Mazaya shares rose 1.06% to C $ 0.760, posting a market value of R $ 804.36 thousand, and were distributed at 1.06 million shares. .
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