Qatar LNG shipper Nakilat posts flat Q1 profit
Doha, April 11, 2013
Qatar Gas Transport Company (Nakilat), one of the world's largest shipper of liquefied natural gas (LNG), posted a flat first-quarter net profit on Thursday as a derivatives loss made a dent in company earnings.
The firm reported a net profit of 177.2 million riyals ($48.7 million) for the first quarter of 2013 its said in a statement to the Qatar stock exchange, compared to 176.6 million riyals in the same period last year.
The net profit figure missed the estimate of EFG Hermes, which forecast that the company would make 207.4 million riyals for the first three months of the year.
Nakilat said it made a loss on derivatives at an overseas joint venture of 11.8 million riyals in the quarter due to the way the instruments were treated in its accounts. The move had no impact on the cash flows or liquidity of the firm, it added.
The company posted a 10 million riyals loss on derivatives in the first quarter of 2012. - Reuters