Qatar: Qatari real estate developer United Development Co (UDC) has said its first-half net profit rose 9% to QR325.41m, despite a relatively marginal decline in revenue, Gulf Times has reported. The owner and developer of the Pearl Island said revenue for the period dropped 2% to QR1.27bn, but cost of revenue plunged 14% to QR716.71mn, thereby helping the company to report a 13% growth in gross profit to QR508.25m. Total assets were valued at QR18.35bn, comprising current assets of QR6.63bn and non-current assets of QR11.72bn, UDC said. [AMEInfo.com]
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