Qatar’s Barwa Real Estate Company reported a 41.5% drop in 2008 net profit to 310 million riyals (US$85.14m) as it lost money on the value of properties, sending its shares down more than 6%.

The developer’s earnings per share last year fell to 1.46 riyals from 2.49 riyals a year earlier, it said in a statement on the Doha bourse website. Barwa’s 2007 profit was 529.7m riyals.

In a separate statement, Barwa said it had booked a loss of 109m riyals “on appraisal of investment properties” last year. Staff costs and general expenses also rose, it said.

The National