Milaha’s profit up in first half of 2018

Doha-based Qatar Navigation (Milaha) reported an increase in net profit for the first half of 2018.

The company’s net profit for the first six months reached 297 million Qatari Riyals ($81.6 million), up 11.2 percent from 267 million Qatari Riyals in the corresponding period in 2017.

Operating revenues also went up from 1.15 billion Qatari Riyals in the first half of 2017 to 1.25 billion Qatari Riyals in the period under review.

Milaha Gas & Petrochem’s revenue increased by 5 million Qatari Riyals, the company said in its report, adding that vessel impairments did hamper the overall net profit by 145 million Qatari Riyal.

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.