TRIBUNE NEWS NETWORK DOHA THE Barwa Group, one of Qatar’s global leading investment and real estate companies, reported increase of 161 percent net profit in the first quarter of 2011 to QR QR548 million.

In the same period last year the company’s net profit stood at QR 210 million.

Over the three months, Barwa earnings per share (EPS) reached QR1.41, compared to QR 0.80 per share for the same period last year.

Further, total revenues increased to QR 1,313, 97 percent increase over QR 665 for the same period last year.

“Increased revenues from rents and services and profit on sale of properties and projects and sale of Barwa stake in a subsidiary, along with profits from re-appraising Barwa real estate investments, led to this increase in net profits,” the company said on Saturday.

The company further said Barwa Bank expanded its activities during 2011 compared to last year which positively contributed to the increase in the group’s consolidated revenues during this period.

“The first three months profits of 2011 was positively reflected on share profitability and growth, both were good signals of Barwa taking the right direction and picking up the right options.

Barwa focuses on contributing to the economic and urban boom that is witnessed by Qatar in all real estate and supporting activities and services,” the company said.

Regarding its upcoming projects, the company said it expects Barwa Al-Sadd & the first phase of Barwa Commercial Avenue to go operational this year.