Qatar Navigation (Milaha) has reported operating revenues of QR1.99 billion ($546.5 million) for the nine months ended September 30, compared to QR2.30 billion ($631.7 million) for the same period in 2015.

The net profit was QR759 million ($208.4 million) for the nine months ended September 30, compared to QR959 million ($263.4 million) for the same period in 2015, it said.

The operating profit was QR513 million ($140.9 million) for the nine months ended September 30, compared to QR686 million ($188.4 million) for the same period in 2015, said a statement.

The earnings per share was QR6.68 ($1.83), compared to QR8.44 ($2.32) during the same period last year, it added.

Milaha Maritime & Logistics’ overall revenue declined by 13 per cent. The port services unit continued to be negatively impacted by lower revenues from ancillary services, non-containerised general cargo, and RoRo, said a statement.  

In addition, despite growing market share and volumes, the Container Shipping unit was negatively impacted by rate pressure, it said.

Milaha Gas & Petrochem’s revenue grew by 24 per cent as a result of the full period impact of the investment in two LNG carriers made in the second half of 2015.

Milaha Offshore’s revenue declined by 17 per cent.  Weakness in oil prices and the resulting cuts in investments by the oil and gas majors continued to weigh down results in this segment.

Milaha Trading’s revenue dropped by 26 per cent driven by lower heavy equipment sales as compared to the high levels witnessed last year.

Milaha Capital’s revenue declined by 21 per cent with lower dividend income from the first quarter continuing to hamper full segment results.  

Sheikh Ali bin Jassim Al Thani, chairman of Milaha’s board of directors, said: “Due to the weaker macroeconomic conditions and volatility in our core sectors, we continue to operate in a challenging environment.”

“In the face of these difficult times, however, our company remains focused on investing for the future and pursuing the best growth opportunities domestically and internationally,” he added.

Abdulrahman Essa Al-Mannai, president and CEO, Milaha, said: “Shipping is experiencing some of the most difficult conditions we have seen since the financial crisis.”

“Despite these difficulties and the drop in earnings relative to the same period last year, our company’s net profit margin remains a healthy 38 per cent,” he added. – TradeArabia News Service