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QEWC sees second quarter profit slip

Qatari utility books slight drop in earnings despite stronger first half.

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Qatar, Qewc, News

Qatar Electricity and Water Company (QEWC) logged a dip in profit during the second quarter of the year.

Though the company did not report figures for the three months to June 30, it revealed that half year profit rose by 2.8% to QAR 737mn ($202.4mn) compared to QAR 716mn for the same period of the previous year.

Earlier this year QEWC reported first quarter earnings of QAR 346mn, 16% higher than the corresponding period of the previous year.

It means the company must have suffered a 6.1% dip in Q2 profit to QAR 390.9mn from QAR 416.5mn.

In a statement to the Qatar Stock Exchange, QEWC provided no further details of its financials. 

QEWC gave no further explanation for its first half earnings.

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