Milaha’s profit up 17 pct in first nine months

Doha-based Qatar Navigation (Milaha) posted a 17 percent increase in net profit in the first nine months of this year to QAR 959 million ($264m).

Milaha, which owns a 30 percent stake in LNG shipping giant Nakilat, said that its operating revenues also rose by 17 percent to QAR 2.31 billion, as compared to the same period in 2014.

Milaha Gas & Petrochem’s revenue grew by 52 percent and net profit by 18 percent, on the back of robust charter rates from its fully owned and operated product tankers and gas carriers as well as from its investments in associates, the company said in a report issued on Sunday.

The shipping company has varying ownership stakes in nine LNG vessels, which are under long-term charters to Qatari gas producers and exporters.

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LNG World News Staff; Image: Milaha

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