August 17, 2006

Profits of Qatar Meat company plunges 61 percent
 

Qatar Meat and Livestock Company's net profit has reported a 61-percent drop to QR2.13 million (US$585,100) during the first half of this year despite sales surging nearly four-fold.

The decline resulted from a four-fold growth in cost and a 71 percent drop in other income, according to Mawashi's financial statements.

However, the company's sales income rose to QR38.02 million (US$10.4 million) during the first six months of the year, against QR10.33 million (US$ 2.8 million) in the same period of the previous year.

At the same time costs grew to QR35.65 million (US$9.8 million) during the first half of this year compared with QR9.99 million (US$2.7 million) in the corresponding period of 2005. The company did not give details as to what these costs might have been.

Still, its general and administrative expenses rose only marginally to QR2.46 million (US$0.68 million) during the first six months of the year.