Qatar Electricity and Water posts 6.1 pct Q2 net profit dip

July 13, 2015 4:35 pm

DUBAI, July 13 (Reuters) – Qatar Electricity and Water Co. (QEWC), the Gulf state’s monopoly utility firm, reported a 6.1 percent fall in second-quarter net profit on Monday, according to Reuters calculations, missing the analysts’ forecast.

The utility made a profit of 390.9 million riyals ($107.4 million) in the three months to June 30, compared to 416.5 million riyals in the same year-ago period, Reuters calculations showed, using financial statements in lieu of a quarterly earnings breakdown.

Three analysts polled by Reuters had, on average, forecast a quarterly profit of 428.9 million riyals.

QEWC recorded a net profit in the first six months of 2015 of 737 million riyals, up from 716 million riyals in the corresponding period of last year, it said in a short statement.

($1 = 3.6410 Qatar riyals at the time of publishing)

(Reporting by David French; Editing by Miral Fahmy)


Mujeeb Rahman
By Mujeeb Rahman
Mujeeb Rahman is a business journalist at AMEinfo. His areas of focus include economy, markets, politics and international relations in MENA and Asia-Pacific regions. An ex-BBC digital journalist, he delves deeper into the subjects that matter most.