Qatar Navigation (Milaha) reported a 3.6 per cent fall in first-quarter net profit on Sunday.

The shipper's net profit was QR352 million ($96.7 million) for the three months ending March 31, down from QR365 million ($100.17 million) in the same period a year earlier, a company statement said.

The company released a brief statement without elaborating on the reason for the fall in net profit.

Sheikh Ali bin Jassim Al Thani, chairman of Milaha’s board of directors, said: “Although some of the segments in which we operate are facing some challenging times, we believe in the long term fundamentals of these segments and their ability to recover in the near future.”

Abdulrahman Essa Al-Mannai, president and CEO, Milaha, said: “With a strong balance sheet and a healthy financial position, we are confident that we will withstand the current headwinds and continue to invest in the future.”

One analyst forecast Milaha would make a first-quarter net profit of QR369.21 million ($101.33 million). - Reuters/ TradeArabia News Service