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Industries Qatar profit misses consensus by 21.0% in Q3

Industries Qatar QSC said its normalized net income for the third quarter came to 1.45 Qatari riyals per share, compared with the S&P Capital IQ consensus estimate of 1.84 riyals per share.

EPS decreased 25.2% year over year from 1.94 riyals.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 879.5 million riyals, a decline of 25.2% from 1.18 billion riyals in the prior-year period.

The normalized profit margin fell to 72.2% from 76.8% in the year-earlier period.

Total revenue fell 20.4% on an annual basis to 1.22 billion riyals from 1.53 billion riyals, and total operating expenses declined 20.9% from the prior-year period to 953.8 million riyals from 1.21 billion riyals.

Reported net income declined 25.2% year over year to 1.41 billion riyals, or 2.33 riyals per share, from 1.88 billion riyals, or 3.11 riyals per share.

As of Oct. 29, US$1 was equivalent to 3.64 Qatari riyals.