Qatar Navigation (Milaha) reported an 85 percent fall in second-quarter net profit, reports Reuters. Second-quarter net profit stood at 30.8 million riyals ($8.5 million) in the three months ending June 30, versus 201.4 million riyals a year earlier.
Milaha has also reported a net profit of QR267 million for the six months (H1) ended June 30, 2017, compared to QR553 million for the same period in 2016.
The report said that the company is hurt by a global marine downturn and regional sanctions.
“We are in the midst of an unusually prolonged global downturn across most marine sectors. However, we remain financially strong and will continue to invest prudently for the long term,” Sheikh Ali bin Jassim Al Thani
, Chairman of Milaha’s Board of Directors, said.
The Doha-based company saw profit decreased across its various business segments amid the sluggish market.
“We are actively taking steps to mitigate the impact of the current downturn, from both a cost as well as revenue perspective. In this regard, we see a number of short and medium term opportunities to position ourselves more strongly for when markets improve,” Abdulrahman Essa Al-Mannai
, Milaha’s President and CEO, pointed out.