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Barwa Real Estate reports 40% drop in net income

Qatar’s largest-listed developer Barwa Real Estate, which received state support in June, has reported a 40% fall in net profit for the first nine months of 2013, Reuters has reported. The company made a net profit of QR467.5m ($128.4m) for the nine months ending September 30, down from QR779.1m a year earlier, it said. Barwa, 45% owned by state real estate firm Qatari Diar, received financial support in June when Diar bought its assets for $7.1bn.