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Milaha reports 3.5% dip in Q1 profits

Milaha reports 3.5% dip in Q1 profits
Qatar Navigation (Milaha) reported a 3.5% dip in net profit the first quarter as it offshore business was hit by the slump in the sector.

Milaha reported a first quarter net profit of QAR352m ($96.7m) a drop of 3.5% from the QAR365m it made in the same period in 2016. Revenues also declined 1.9% year-on-year to QAR771m.

Milaha Offshore saw a 47% slump in profits and a 10% fall in revenue which it said was mainly “due to a very challenging offshore business environment and a delay in vessel mobilization”.

Its maritime and logistics business also felt the squeeze with a 22% fall in profit and 2% decline in revenues which it said in part was due to pressure on rates especially in the container feeder sector.

It was a much more positive picture for tankers and gas carriers with revenues for Milaha Gas & Petrochem up 63%, and profits up 23%. The company said the improved result was, “driven largely by the investment in two LNG carriers made in the second half of 2015 and stronger results from investments in associates and joint ventures”.

Commenting on the results Sheikh Ali bin Jassim Al Thani, chairman of Milaha’s Board of Directors said:“Although some of the segments in which we operate are facing some challenging times, we believe in the long term fundamentals of these segments and their ability to recover in the near future.”