Milaha (Qatar Navigation) has reported a net profit of QR236mn, translating as earnings-per-share of QR2.12 in the first three months of this year.
Operating revenues amounted to QR648mn during January-March this year compared to QR767mn in the corresponding period of the previous year. Operating profit stood at QR185mn against QR256mn in the year-ago period.
“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,” Sheikh Ali bin Jassim al-Thani, Milaha chairman, said.
Milaha Maritime and Logistics’ net profit declined by QR14mn to QR24.57mn, mainly as a result of continued rate pressure in its container shipping unit.
Milaha Gas and Petrochem’s net earnings fell by QR46mn to QR87.23mn, as a result of a global downturn in shipping rates that impacted all the major sectors its operates in and Milaha Offshore’s net profit decreased by QR25mn, with QR22mn alone owing to impairments.
Milaha Capital’s net profit shrank QR21mn to QR138.91mn, mainly due to impairments in available for-sale investments and Milaha Trading’s net profit by QR4mn to QR1.75mn, as a result of a weaker demand for commercial trucks and heavy equipment.
“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,” according to Milaha president and chief executive Abdulrahman Essa al-Mannai.
Total assets were valued at QR21.59bn, comprising current assets of QR5.76bn and non-current assets of QR15.83bn.
Total equity stood at QR14.03bn on a capital base of QR1.15bn at the end of March 31, 2017.




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