Milaha 9-month net profit hits $109.8m

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Milaha 9-month net profit hits $109.8m

Oct 31, 2018 10:21 AM

Qatar Navigation (Milaha) a leading maritime and logistics conglomerate reported a net profit of QR400 million ( 109.84 million) for the nine months ended September 30 2018 compared to QR363 million (...

Qatar Navigation (Milaha), a leading maritime and logistics conglomerate, reported a net profit of QR400 million ($109.84 million) for the nine months ended September 30, 2018, compared to QR363 million ($99.68 million) for the same period in 2017.

The company’s operating revenues rose to of QR1.8 billion ($494.28 million) for the nine months ended September 30, 2018, compared to QR1.7 billion ($466.82 million) for the same period last year, said a statement from Milaha.

The company’s operating profit of QR314 million ($86.22 million) for the nine months ended September 30, 2018, compared to QR200 million ($54.92 million) for the same period in 2017.

Milaha’s earnings per share of QR3.52 ($0.97) for the nine months ended September 30, 2018, compared to QR3.19 ($0.88) for the same period in 2017

Milaha Maritime & Logistics’ operating revenue increased by QR21 million ($5.76 million) while net profit declined by QR55 million ($15.10 million) mainly due to QR43 million ($11.80 million) in vessel impairments taken in its container shipping unit in the third quarter.

Milaha Gas & Petrochem’s operating revenue remained flat with the same period last year while net profit declined by QR135 million ($37.07 million) mainly due to vessel impairments recorded during the first half of 2018, said a statement.

Milaha Offshore’s operating revenue increased by QR32 million ($8.78 million) mainly due to increase in vessel utilisation, while the bottom line increased by QR67 million ($18.39 million) due to a decline in impairment charges in 2018 versus the same period last year.

Milaha Capital’s net profit increased by QR168 million ($46.13 million) due to higher dividend income and higher financial portfolio trading returns, it stated. – TradeArabia News Service