Barwa had first-quarter net profit of 548.49 riyals ($150.6 million), compared with profit of 209.58 million riyals in the prior-year period.

Revenues for the quarter increased, as rental income surged to 169.2 million riyals compared with 39.9 million riyals in the year-before period.

Income from banking activities grew to 127.89 million riyals.

The company also gained from the sale of a subsidary for 410.8 million riyals, it said in a statement to the Doha bourse.

Total assets increased to 74.5 billion riyals.

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 Arab 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.