Qatar Navigation (QNNS) has reported a 87 per cent increase in profits for the first half of this year compared to the same period last year.

The first half profits totalled QR252.7 million ($69.4 million), a Gulf Times report said.

Qatar Navigation deputy CEO (finance and administration) Mohamed Ibrahim Al-Sulaiti said he expected the company to show robust performance in the second half of this year.

Al-Sulaiti said the company’s cargo handling operations at Qatari ports reached 11 million tonnes as of June 30, 2007.

Qatar Navigation, which enjoyed an 80 per cent share in the container market, transported 112,000 containers in the first six months of this year against 104,000 in the corresponding period of 2006, the report said.

Meanwhile, Al-Sulaiti ruled out mergers and acquisitions (M&A), saying the company would concentrate on its domestic core operations to strengthen the balance sheet.