Milaha reports drop in Q1 profit

Doha-based Qatar Navigation (Milaha) reported a 33 percent drop in its net profit for the first three months of 2017. 

The company reported a net profit of QAR 236 million (US$64.8 million) for the period under review, down from QAR 352 million reported in the corresponding quarter in 2016.

Milaha, which owns a 30 percent stake in Qatar’s LNG shipping giant Nakilat, said its operating revenue for the quarter QAR 648 million, down from QAR 767 million in the first quarter of 2016, representing a drop of 15.5 percent.

Milaha Gas & Petrochem’s net profit declined by QAR 46 million as a result of a global downturn in shipping rates that impacted all major sectors the company operates in.

1 QAR = 0.274657 USD