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FINANCIAL NEWS
Qatar Navigation reports USD121m profit in H1
05 Aug 2012
(MENAFN) Qatar Navigation (Milaha) reported a 5.5 percent increase in half yearly profits, driven by improved performance of its maritime and logistics unit, the company said in a press release.
Milaha said it made USD121.05 million net profit during the first half of 2012, up from USD114.74 million a year earlier.
Operating profits also rose by 6.6 percent to USD87.84 million during the first six months from USD82.35 million achieved a year earlier.
The company also reported a 0.4 percent increase in half yearly revenue to USD319.51 million from USD318.14 million a year earlier.
Milaha ‘s maritime and logistics segment showed strongly improved results in the period on higher Port Services and Container Feedering activities.
Gas and petrochemical business reported lower earnings due to weaker product tanker rates and a weak first quarter for LPG rates.
Milaha ‘s offshore unit also showed weak results as weaker first quarter offset improved performance in the second quarter.
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