Ezdan Real Estate, Qatar’s largest developer by market value, suffered a fourth-quarter profit fall of 87.1 per cent on Monday and said it would not recommend paying a cash dividend.

Profit for the three months ending December 31 fell to QR111.6 ($30.68 million) from QR864.4 million according to Reuters calculations.

Ezdan's profits for full year 2009 jumped to QR8.7 billion, a more-than-six fold increase from the previous year, it said in a statement on Qatar's bourse website, without giving a reason or quarterly breakdown of its earnings.

The company said its board would not recommend paying a cash dividend as shareholders were allocated free shares following a merger with International Housing Group.

Ezdan said in January it signed a deal to develop Doha's $687.2 million Asia Towers project, one of the largest projects planned in Qatar this year.

The firm's shares closed 0.6 per cent lower earlier on Monday, underperforming the country's bourse which rose 1.9 per cent to 6,855 points. – Reuters