Doha - Mubasher: Industries Qatar (IQ) announced on Wednesday its financial results for the six-month period ended 30 June, with a 19% year-on-year decline in profits to QAR 2.0 billion.
“The reduction in net profits was exclusively driven by the lower revenues resulting from the notable price deflation across all operating segments most notably in the fertiliser segment”, the company said in a statement.
However, profits grew quarter-on-quarter, as the company achieved QAR 1.3 billion in the second quarter of the year, compared to QAR 600 million in Q1, due to higher polyethylene prices and lower operating costs.
