Industries Qatar reported a 20 per cent increase in second-quarter profit on Tuesday that beat analyst forecasts, although its half-year profit fell because of declining petrochemicals prices versus a year earlier.

The petrochemicals, steel and fertiliser producer made a profit of QR1.5 billion ($412 million) in the three months ending June 30, it said in statement.

This was up from QR1.25 billion a year ago, according to Reuters calculations based on earlier financial statements.

Analysts polled by Reuters had on average forecast Industries Qatar would make a quarterly net profit of QR1.21 billion.

The company's quarterly revenue rose 20 per cent to QR1.6 billion versus the first quarter of 2015 as it sold more steel and petrochemicals.

Industries Qatar's half-year profit was QR2.4 billion, down from QR2.8 billion in the first half of 2014.

It attributed the half-yearly profit drop to declines in petrochemical product prices following a sustained slump in oil prices, which began in mid-2014.

Oil and petrochemicals prices are closely correlated and Gulf producers benefit from lower feedstock costs.

Fertiliser prices also fell year-on-year in the first six months of 2015, Industries Qatar added. - Reuters