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UDC net profit falls 14%

Qatari property developer United Development Co (UDC) has reported a 14% fall in net profit for the first six months of 2012 to QR298.67m, despite robust operating revenue, Gulf Times has reported. The master developer of The Pearl-Qatar attributed to decline to a more than six-fold rise in net profit attributable to non-controlling interests. Revenue rose 60% to QR1.33bn while cost of revenue grew faster at 85% to QR881.32m.