Milaha posts higher profit

Doha-based Qatar Navigation (Milaha) reported a 10 percent rise in its profit in the first three months of the year.

The company’s first-quarter net profit was 260 million Qatari Riyals ($71.4m), up from 236 million Qatari Riyals for the same period in 2017.

Operating revenues rose to 698 million Qatari Riyals while operating profit increased to 203 million Qatari Riyals, the company said on Monday.

However, Milaha Gas & Petrochem’s revenue decreased by 5 million Qatari Riyals and net profit by 54 million Qatari Riyals.

“Low shipping rates and the knock-on effect on vessel valuations in the sectors we operate continue to put a damper on profits,” the company said.

Milaha Gas & Petrochem owns two LNG carriers and also holds partial stakes in seven LNG carriers. It is also the largest shareholder in Qatari LNG shipping giant Nakilat.