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Milaha’s chairman H.E. Sheikh Ali bin Jassim Al Thani

Milaha first half profit plunges amid prolonged market downturn

Qatar Navigation (Milaha) has reported a sharp fall in first half profit as the company attributed the reduced earnings on the protracted downturn of the marine industry across all sectors.

Profit for the six months ended 30 June 2017 was recorded at QAR267m ($72.8m), a plunge of 51.7% compared to the gain of QAR553m in the same period of last year.

First half operating revenue came up to QAR1.1bn, down slightly from QAR1.4bn in the previous corresponding period.

“We are in the midst of an unusually prolonged global downturn across most marine sectors. However, we remain financially strong and will continue to invest prudently for the long term,” said H.E. Sheikh Ali bin Jassim Al Thani, chairman of Milaha’s board of directors.

The Doha-based company saw profit decreased across its various business segments amid the sluggish market.

For the first half, Milaha Maritime & Logistics had been impacted by continued pricing pressure in container shipping and lower profits from the ports business

Milaha Gas & Petrochem and Milaha Offshore saw earnings reduced due mainly to depressed rates and vessel oversupply, while Milaha Trading registered lower sales volumes of marine fuels and lubricants.

Abdulrahman Essa Al-Mannai, Milaha’s president and ceo, commented: “We are actively taking steps to mitigate the impact of the current downturn, from both a cost as well as revenue perspective. In this regard, we see a number of short and medium term opportunities to position ourselves more strongly for when markets improve.”

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