DOHA: Qatar Navigation Company (Milaha) recorded a net profit of QR778m for the nine months period ended September 30, 2013, up 22 percent in comparison to QR637.4m reported for the corresponding period last year.
The company’s earnings per share (EPS) amounted to QR6.81 for the first nine months versus QR5.57 for the corresponding period in 2012 .
The operating revenues dropped to QR1.69bn from QR1.70bn reported for the same period in 2012, a decrease of 0.2 percent year-over-year.
Four of Milaha’s five segments showed significantly improved results, with double digit net profit growth.
Milaha’s Maritime & Logistics segment net profit improved 13 percent during the first nine months of 2013 vs the same period in 2012, driven mainly by port services and container transport operations. In addition, gains from the sale of under-performing assets throughout 2013 helped drive bottom line growth.
Milaha’s offshore segment net profit improved 18 percent, driven largely by the addition of new vessels to the fleet.
Milaha Gas & Petrochem net profit grew by 17 percent overall, driven by increased revenues from LNG joint ventures and despite continued weakness through the first half of the year in VLGC rates.
“I am pleased that all our core segments showed much stronger performance relative to last year. We have so far had a record year profit-wise and the results are due to a combination of both stronger market conditions as well as dedicated efforts internally to continuously improve on the way we conduct business”, said Sheikh Ali bin Jassim Al Thani, Chairman and Managing Director of Milaha.
The Peninsula
