Industries Qatar, the petrochemicals and metals company, posted a 75 percent jump in first quarter net profit on Tuesday, beating analysts’ expectations on average.

The Arabian Gulf’s second largest chemical producer by market value posted QR2.1bn ($576.74m) profit in the first quarter of 2011, according to financial figures released by the firm to the Qatari Stock Exchange.

This represented a significant jump of $242.72m from 2010’s reported profit figures of $334m for the same period last year.

In the statement, the company reported that its revenue for the first quarter amounted to $1.09bn (QR4m). The total worth of the company’s assets stood at $8.58bn as of March 31, 2011.

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