Qatar Navigation (Milaha) has reported a net profit of QR236 million ($64.81 million) for the three months ended March 31, 2017, compared to QR352 million ($96.67 million) for the same period in 2016.

Operating revenues for the three months was of QR648 million, compared to QR767 million for the same period in 2016.

Operating profit of QR185 million for the three months was also lower compared to QR256 million for the same period in 2016.

Earnings per share was QR 2.12, compared to QR3.10 for the earlier period.

Milaha Maritime & Logistics’ net profit declined by QR14 million, mainly as a result of continued rate pressure in the container shipping unit, it said.  

Milaha Gas & Petrochem’s net profit declined by QR46 million as a result of a global downturn in shipping rates that impacted all major sectors the company operates in.

Milaha Offshore’s net profit decreased by QR25 million, with QR22 million of that related to impairments; and Milaha Capital’s net profit decreased by QR21 million, mainly due to impairments in available for sale investments.

Milaha Trading’s net profit decreased by QR4 million, as a result of a weaker demand for commercial trucks and heavy equipment, the company said.

“We are continuing to face the same market challenges as in 2016, but we remain confident in our ability to drive growth and capitalise on new opportunities while exercising financial discipline,” said Sheikh Ali bin Jassim Al Thani, chairman of Milaha’s board of directors.

Milaha’s president and CEO Abdulrahman Essa Al-Mannai said: “Given the difficult environment we are working in, we posted solid operational results.  We will continue moving ahead with our multi-year growth strategy to build a stronger and more sustainable business.” – TradeArabia News Service