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Nakilat Q3 net profit jumps 42pc

Doha, October 18, 2011

Qatar Gas Transport Company (Nakilat), the world's largest shipper of liquefied natural gas (LNG), on Tuesday reported a 41.6 per cent jump in third-quarter profit.

The company posted profit of QR243.6 million ($66.9 million) according to Reuters calculations, compared with almost 172 million in the same period last year. EFG Hermes forecast a quarterly profit of QR197.69 million.

The company made a nine-month net profit of QR624.8 million, it said in a statement posted on the bourse website, without giving further detail.

Nakilat said last week a decision on whether to convert 45 of its largest tankers to burn natural gas instead of oil 'continues to be under consideration' but would not affect the company financially. 

It is about to approve a $1 billion overhaul of the tankers, prompted by an unexpected fall in natural gas prices against the price of oil in recent years, senior industry sources told Reuters this month.

The work would take place between 2012 and 2015. Nakilat shares traded at flat on Tuesday after the results.-Reuters

Tags: Qatar Gas Transport Company | Nakilat | LNG shipper |

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