Issue No 305 - 13 April 2009
Ezdan Q1 net profit almost doubles

Qatar's Ezdan Real Estate Co's first quarter net profit almost doubled to 98 million Qatari riyals ($26.9 million), it said on Sunday.

Profit at the country's largest property developer by market value rose from 50 million riyals in the same quarter last year, it said in a statement on Qatar's bourse website.

Earnings per share rose to 0.21 riyals from 0.11 riyals.

The company could not immediately be reached for comment.

Ezdan said last month it was eyeing a merger with The Group of International Housing Co as companies in Qatar, the world's top exporter of liquefied natural gas, try to weather the global economic downturn.

Merger pressure in the Gulf region has increased as a six-year oil price boom waned and the global financial crisis began to bite at home, prompting companies from property to livestock to consolidate.

Barwa Real Estate said earlier this month it expects to close a merger with Qatar Real Estate Investments Co (Alaqaria) in 4 to 6 months, creating a firm with assets of 30 billion riyals.

Source: Trade Arabia News

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