Doha: Qatar Navigation announced Sunday first quarter profits of QR 352 million, down from the QR365 million achieved during the same period of last year.
The Earnings per Share was QR 3.10 for the first quarter of 2016, three months’ period ended March 31, 2016 compared to EPS of QR 3.21 for the same period of 2015.
Operating revenues decreased by 1.9% to QAR 771 million for the three months ended March 31, 2016, down from QR 786 million for the same period in 2015.
Revenue of maritime and logistics declined by 2% and net profit by 22%, partially due to increased pressure on pricing, particularly in the container feeder business.
As for the Milaha Gas & Petrochemical’s revenue grew by 63% and net profit by 23%, driven largely by the investment in two LNG carriers made in the second half of 2015 and stronger results from investments in associates and joint ventures.
Milaha Offshore’s revenue declined by 10% and net profit by 47%, mainly due to a very challenging offshore business environment and a delay in vessel mobilization.
Chairman of Milaha’s Board of Directors HE Sheikh Ali bin Jassim Al Thani commented on the company's results and said "Although some of the segments in which we operate are facing some challenging times, we believe in the long term fundamentals of these segments and their ability to recover in the near future."
QNA
