Qatar Navigation (Milaha) has posted a Net profit of QR297 million ($80 million) for the six months (H1) ended June 30, 2018, up from QR267million for the same period in 2017,marking an increase of 11 per cent.

The company posted operating revenues of QR1.2 billion for the period, up from QR1.15 billion for H1 2017. Operating profit stood at QR258 million for the six months ended June 30, 2018, up from QR170vmillion for the same period in 2017

Milaha Maritime &Logistics’ revenue increased by QR82 million and net profit by QR36 million, on the back of higher volumes at Hamad Port and new shipping routes in our Container Shipping unit.

Milaha Gas & Petrochem’s operating profit increased by QR5 million; however, vessel impairments drove overall net profit lower by QR145 million.

Milaha Offshore’s bottom line increased by QR9 million due to increase in vessel utilization rates and overall improvement in the offshore sector.

Milaha Capital’s profits increased by QR138 million largely due to improved returns from the financial investments portfolio.

Milaha Trading’s net profit declined by QR9 million as a result of lower heavy equipment sales.  – TradeArabia News Service