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Industries Qatar profit misses consensus by 23.9% in Q2

Industries Qatar QSC said its second-quarter normalized net income amounted to 1.52 Qatari riyals per share, compared with the S&P Capital IQ consensus estimate of 2.00 riyals per share.

EPS increased 17.4% year over year from 1.30 riyals.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 920.4 million riyals, an increase of 17.4% from 783.8 million riyals in the year-earlier period.

The normalized profit margin rose to 58.4% from 43.1% in the year-earlier period.

Total revenue fell 13.4% year over year to 1.58 billion riyals from 1.82 billion riyals, and total operating expenses fell 17.2% on an annual basis to 1.27 billion riyals from 1.53 billion riyals.

Reported net income increased 17.4% from the prior-year period to 1.47 billion riyals, or 2.43 riyals per share, from 1.25 billion riyals, or 2.07 riyals per share.

As of Aug. 3, US$1 was equivalent to 3.64 Qatari riyals.