Doha – Mubasher: Industries Qatar QSC posted a 26.7% fall in net profit for the first quarter of 2016, according to the company’s statement released Sunday.
The Qatar-listed company generated nearly QAR 700 million net profit in Q1-16, down from QAR 300 million in the prior-year period.
The profit decline was attributed mainly to a decrease in revenues, coupled with a fall in prices across all segments.
Q1 topline – according to IFRS 11 - amounted to QAR 1.1 billion, down 12.6% compared with the same period a year ago.
The company’s FY15 net profit amounted to QAR 4.4 billion, down 29.9% year-on-year.
