Doha-based Qatar Navigation (Milaha) reported a 35 percent drop in its net profit for the year 2016.
The company reported a net profit of QAR 711 million (Approx: US$195.2 million) for the year 2016, down from QAR 1.09 billion (Approx: $300.7 million) the year before.
Milaha, which owns a 30 percent stake in Qatar’s LNG shipping giant Nakilat, said its operating revenue for the year dropped to QAR 2.55 billion (Approx: US$700.5 million) from QAR 2.98 billion (Approx: US$819.4 million) in 2015, representing a drop of 14.5 percent.
Milaha Gas & Petrochem’s net profit was QAR 415 million for the year 2016 compared to QAR 457 million reported the previous year, mainly due to a slump in both tanker and gas carrier charter rates.
The decline was partially offset by the full year impact of increasing our ownership in two LNG carriers, Milaha Ras Laffan & Milaha Qatar, from 40 percent to 100 percent in 2015.
1 QAR = 0.274612 USD