Regions :: Middle East :: Qatar
Industries Qatar reports lower earnings and revenues; petchem project due online end 2018
5:33 AM MST | February 17, 2014 | Natasha Alperowicz
Industries Qatar (IQ; Doha), a producer of petrochemicals, fertilizers and steel, reported a 5.1% drop in net profit to 8 billion Qatari riyal ($2.2 billion) for full-year 2013. Ebitda was also 5.1% down at QR8.2 billion. Revenue in 2013 decreased 5.4% to QR5.8 billion. Profits are ostensibly larger than revenues because IQ adopted the IFRS 11 accounting standard in 2013, superseding IAS 31. This calls for interests in certain joint ventures to be accounted for as investments using the equity method. Thus, in its financial statements IQ reports the contribution...
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