Petrochemicals, metals and fertiliser producer Industries Qatar (IQ) beat analysts' estimates despite posting a 13.6 per cent drop in second-quarter net profit on Wednesday (August 3), according to Reuters calculations.

The Middle East's second-biggest petrochemicals company by market value reported a net profit of QR1.27 billion ($348.8 million) in the three months ending June 30, Reuters calculated based on financial statements in lieu of a quarterly breakdown.

This compares with the profit of QR1.47 billion ($403.7 million) it posted in the corresponding period of last year, while the average forecast of three analysts polled by Reuters was for a quarterly net profit of QR799.9 million ($219.7 million).

The company made QR1.97 billion ($541.06 million) in the first six months of 2016, it said in a statement, down from QR2.42 billion ($664.7 million) in the corresponding period of last year. - Reuters