Qatari Investors Group 9-month profit falls 4%

23/10/2014 05:49 AST

Higher cost of revenue and general and administrative expenses led Qatari Investors Group to report a 4% decline in net profit to QR173.86mn in the first nine months of this year.

Revenue rose 7% to QR429.69mn but, cost of revenue grew much faster at 19% to QR203.92mn, resulting in an about 1% fall in gross profit to QR225.77mn, according to its financial statement filed with the Qatar Stock Exchange.

Income from short-term deposits and savings grew almost 11-fold to QR0.95mn; rental income surged 92% to QR3.4mn and other income more than quadrupled to QR17.16mn.

However, income from equity-accounted investment fell 31% to QR13.23mn and investment income by 42% to QR0.39mn.

Net finance cost was up 6% to QR29.05mn and general and administrative expenses by 28% to QR56.05mn.

Total assets were valued at QR3.78bn, comprising current assets of QR0.84bn and non-current assets of QR2.94bn.

Total equity stood at QR2.22bn on a cap

Gulf Times

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