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Industries Qatar’s net profit plunges 25% in Q3

by ChemOrbis Editorial Team -
  • 04/11/2015 (10:52)
According to media reports, Industries Qatar’s net profit plunged 25% in the third quarter to QAR1.41 billion ($387 million) from QAR1.88 billion ($516 million) in the same period of the previous year. However, the company’s net profit in the July-September period exceeded Reuters analysts’ estimates, which called for a net profit of QAR1.13 billion ($310 million).

In the first nine months of the year, meanwhile, Industries Qatar reported a QAR3.83 billion ($1.05 billion) net profit, down 18.8% from the profit of QAR4.72 billion ($1.29 billion) reported a year earlier.

The decrease in net profit was led by lower sales prices for petrochemical products stemming from plunging crude oil prices.
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