Mesaieed Petrochemical Holding Company (MPHC), a subsidiary of Qatar Petroleum, has reported a consolidated net profit of QR402.8 million ($110.6 million) during the first half of this year, a report said.

The figure was a decrease of QR496.7 million ($136.3 million), or 55.2 per cent over the same period in 2014, said a Peninsula Qatar report.

However, the second quarter earnings were significantly up by 146.7 per cent, over the first quarter of 2015.

The drop in revenue was primarily due to the planned facility maintenance in the current period, which has been successfully completed, and as well as the weaker product prices following the significant fall in the global oil prices in Q4 of 2014, it added.

The quarter-on-quarter substantial increase was mainly due to increase in sales volumes following successful completion of the planned major maintenance shutdowns in Q1 2015, said the report.