Qatari developer also sees revenues jump by 60%, while costs of revenue hit $242m
The developer of The Pearl-Qatar, United Development Company (UDC) has seen a 14% fall in net profit for the first six months of the year, despite strong operating revenue.
The master developer attributed the decline to a more than six-fold rise in net profit attributable to non-controlling interests, which lead to a first half income of $82m.
UDC saw its revenues jump 60% to $365.3m, while the cost of revenue surged even higher by 85% to $242m. Net finance costs grew 57% to $5.6m. Furthermore, total assets at the end of June were valued at $5.4bn, this comprised of current assets valued at $2.3bn and non-current assets of $3.1bn.
The Pearl-Qatar in Doha is an artificial island spanning nearly four million square metres. It is the first land in Qatar to be available for freehold ownership by foreign nationals.
Once completed in 2015, the development will create over 32km of new coastline for use as a residential estate, with an expected 15,000 dwellings and 45,000 residents.