Barwa Real Estate's quarterly profit more than doubled, as revenues surged on increased rentals and income from banking activities, the developer said in a statement on Sunday.

Barwa had first-quarter net profit of QR548.49 ($150.6 million), compared with profit of QR209.58 million in the prior-year period. Its shares rose 2.26 per cent on the Qatar index.

The revenues for the quarter increased, as rental income surged to QR169.2 million compared with QR39.9 million in the year-before period. Income from banking activities grew to QR127.89 million.

The company also gained from the sale of a subsidary for 410.8 million riyals, it said in a statement to the Doha bourse. The total assets increased to QR74.5 billion.

The Qatari developer laid off nearly 90 employees last month amid a restructuring move being pushed through by its new chief executive.

Barwa, like other Gulf developers, was hit hard by the region-wide real estate slump. Qatar helped key property firms weather the global crisis by pushing through defensive mergers and using its sovereign fund to invest in them.

Qatari Diar, the property arm of the Qatar Investment Authority, owns a 45 percent stake in Barwa.-Reuters