Qatar Milaha net profit soars 9pc
Doha, October 29, 2012
Qatar Navigation (Milaha), a leading player in transportation of gas, petroleum products, containers and bulk, said its net profit for nine-months ended September 30 hit QR637 million ($175 million), up 9 per cent over the same period last year.
Announcing the results on Monday, Milaha said its maritime & logistics segment too winessed a strong improvement in net profit during the first period, driven by port operations and container transport activities.
The company's operating revenues surged four per cent year over year to QR1.75 billion compared to QR1.69 billion for the same period last year. Its operating profit soared to QR452 million vs QR381 million in 2011 thus posting an increase of 19 per cent year on year, said a statement from Milaha.
However, continued weakness in product tanker rates resulted in lower net profit for the gas & petrochem segment relative to 2011; however the segment performance improved in both the second and third quarters, it stated.
The year to date net profit for Milaha’s offshore segment was lower relative to 2011, largely due to weaker performance in the first quarter, although results have improved over the second and third quarter.
“While general weakness in the global maritime sector, combined with volatility, continues to have a negative impact, our strong position in the local and regional supply chain has helped offset this weakness to a large extent,” remarked Sheikh Ali bin Jassim Al Thani, the chairman and managing director of Milaha.
“Our strategic investments and non-core reserve portfolio continue to provide a strong buffer against the global market conditions,” he added.
Beginning the first quarter, Milaha began reporting segment financials under its new structure, following the re-alignment of the company into a corporate entity and strategic business pillars.-TradeArabia News Service