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Industries Qatar’s net profit falls below estimates in Q1

by ChemOrbis Editorial Team - content@chemorbis.com
  • 22/04/2015 (10:37)
According to media reports, Industries Qatar announced its financial results for the first quarter. The company’s net profit slumped 40% on the year to QR951 million ($261.2 million) compared with QR1.58 billion ($434 million) in the same period of 2014. Analysts’ initial forecasts called for a net profit of QR1.11 billion ($304.9 million) for the three months ending in March.

The company’s weaker financial results were attributed to lower product prices stemming from fall in crude oil prices.

Meanwhile, the company posted revenue of QR1.3 billion ($357.1 million) in the first three months, down 0.8% when compared to the same month of the previous year while the company’s sales increased more than 20% owing to a decreased number of planned maintenance shutdowns at its facilities.
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