Industries Qatar’s net profit falls 27% in Q1
by ChemOrbis Editorial Team - content@chemorbis.com
According to media reports, Industries Qatar’s (IQ) net profit fell 26.7% to 697 million riyals ($185.9 million) in the three months ended March 31 from 950.6 million riyals in the same period of last year. The company’s first quarter profit missed Reuters’ analysts’ estimates, which called for a quarterly net profit of 748.5 million riyals.
The company stated that improved production levels and sales could not help offset the impact of lower product prices. The company’s weaker than expected results were attributed to reduced revenues stemming from price deflation across all segments.
The company stated that improved production levels and sales could not help offset the impact of lower product prices. The company’s weaker than expected results were attributed to reduced revenues stemming from price deflation across all segments.
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