Qatar Navigation (Milaha) Increases Net Profit in H1 2012
Qatar Navigation (Milaha) Q.S.C. announce its financial results for the first half of 2012, ending June 30th.
Summary financial results are as follows:
• Operating revenues of QR 1.164 billion vs. QR 1.159 billion for the same period in 2011, an increase of 0.4% year over year.
• Operating Profit of QR 320 million vs. QR 300 million for the same period in 2011, an increase of 6.6% year over year.
• Net Profit of QR 441 million vs. QR 418 million for the same period in 2011, an increase of 5.5% year over year.
• Earnings per share of QR 3.85 vs. QR 3.65 for the same period in 2011.
Milaha’s Maritime & Logistics segment showed strongly improved results vs. H1 2011, driven by Port Services and Container Feedering activities.
Continued weakness in product tanker rates and a weak first quarter for LPG rates resulted in lower net profit for the Gas & Petrochem segment relative to 2011; however the segment’s performance improved significantly from Q1 2012.
Milaha’s Offshore segment declined year-on-year due to the overhang from a weak first quarter in 2012, despite a stronger performance in the second quarter.
“Our core businesses had a mixed first half as we’d expected, with gains in our regional maritime activities partially offsetting the difficult global environment in ocean transport and a decline in offshore services,” said Sheikh Ali bin Jassim Al Thani, Chairman and Managing Director of Milaha.