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DOHA: Qatar Navigation (Milaha) has recorded a net profit of QR637.4m for the nine months period ended September 30, 2012, an increase of 9 percent when compared with QR584m posted for the corresponding period in 2011.
The company’s Earnings per Share (EPS) amounted to QR 5.57 for the first nine months of 2012 versus QR 5.10 for the same period in 2011.
“Milaha’s maritime and logistic segment net profit strongly improved during the first 9 months of 2012 versus the same period in 2011, driven by port operations and container transport activities”, the company stated after announcing the results.
Continued weakness in product tanker rates resulted in lower net profit for the Gas and Petrochem segment relative to 2011; however the segment performance improved in both the second and third quarters.
Year-To-Date net profit for Milaha’s offshore segment was lower relative to 2011, largely due to weaker performance in the first quarter, although results have improved over Q2 and Q3, 2012.
“While general weakness in the global maritime sector, combined with volatility, continues to have a negative impact, our strong position in the local and regional supply chain has helped offset this weakness to a large extent”, said Sheikh Ali bin Jassim Al Thani, chairman and managing director of Milaha. “Our strategic investments and non-core reserve portfolio continue to provide a strong buffer against the global market conditions”.
Starting Q1 2012, Milaha began reporting segment financials under its new structure, following the re-alignment of the company into a corporate entity and strategic business pillars.