DOHA: Qatar Gas Transport Company’s (Nakilat) total profits from operations for nine months period ended September 30, 2013 reached QR572.5m compared with QR561.6m during the same period last year. The figure shows an increase of two percent on year-on-year basis.
The net profit after a loss on derivative instruments from joint ventures was QR553.2m compared with QR562.4m for nine months period in 2012 after a gain on derivative instrument from joint ventures. The loss on derivative instruments of QR19.3m for nine months period in 2013, compared with a gain on derivative instruments of QR0.8m for nine months period in 2012, was due to a technical disqualification (for accounting purposes) of the applicable derivatives (carried in the books of certain of the company’s overseas joint ventures) as hedging instruments in accordance with International Accounting Standard 39.
Nakilat and its joint ventures are exposed to high interest rate risk on borrowed funds. The risk is managed by the use of interest rate swap contracts, which will protect the company from increases in interest rates in the future. The majority of Nakilat and its joint ventures borrowings were obtained at the time the company’s time charter party agreements were signed with our charterers.
Qatar Exchange index loses
Doha: Qatar Exchange index extended its losing streak yesterday losing 15.07 points, or 0.15 percent, to 9,716.43 points from the previous closing of 9,731.50 points.
The volume of the shares traded was up to 4,451,378 from 3,697,442 on Sunday and the value of shares increased to QR164,856,807.27 from QR166,825,684.79 on Sunday.
Among the top losers were Commercial Bank of Qatar whose share dropped 0.59 percent to QR67.90, Qatar Islamic Bank lost 0.58 percent to QR68.30, Electricity and Water fell 1.05 percent to QR159.50 and Doha Bank down by 0.55 percent to QR54.10.