Qatar Navigation (Milaha) reported a net profit of QR236m for the first quarter of 2017, down from QR352m reported a year earlier. Operating revenues stood atQR648m during the period compared to QR767m for the same period in 2016.
Milaha’s operating profit for the first quarter is QR185m compared to QR256m in Q1, 2016. Earnings per share stood atQR 2.12, compared to QR3.10 for the same period in 2016.
Milaha said yesterday its Maritime & Logistics’ net profit declined by QR14m, mainly as a result of continued rate pressure in our Container Shipping unit. Milaha Gas & Petrochem’s net profit declined by QR46m as a result of a global downturn in shipping rates that impacted all major sectors we operate in.
Milaha Offshore’s net profit decreased by QR25m, with QR22m of that related to impairments. Milaha Capital’s net profit decreased by QR 21 million, mainly due to impairments in available for sale investments.
“We are continuing to face the same market challenges as in 2016, but we remain confident in our ability to drive growth and capitalize on new opportunities while exercising financial discipline,” said Sheikh Ali bin Jassim Al Thani, Chairman of Milaha’s Board of Directors.
Milaha’s President and CEO Abdulrahman Essa Al-Mannai said: “Given the difficult environment we are working in, we posted solid operational results. We will continue moving ahead with our multi-year growth strategy to build a stronger and more sustainable business.”
