Industries Qatar (IQ) reported a 38 per cent drop in second-quarter net profit on Sunday, missing analysts’ forecasts.
The Gulf’s second-largest chemical producer by market value made a net profit of QAR1.25 billion ($343.34 million) in the three months to June 30, according to Reuters calculations based on a company statement. This compares with a profit of QAR2.02 billion in the same period of 2013.
Industries Qatar made a net profit of QAR2.84 billion in the first half of 2014, the statement said, down from QAR4.57 billion in the prior-year period.
The company did not explain the decrease.
Analysts polled by Reuters on average forecast Industries Qatar’s quarterly profit would be QAR1.63 billion.