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Qatar Navigation posts 2012 net profit

Qatar Navigation posts 2012 net profit
Qatar: Milaha has reported full-year net profits of $229m for 2012, versus $195m for the same period in 2011.

Results were driven by good operating profits, with an increase in 25% year on year, to $158m from $127m, and received a boost from a one-time income from an increased stake in two LNG carriers, which boostted the Gas & Petrochem segment by 5% relative to 2011.

Meanwhie, Operating Revenues increased to $645m from $601m in 2011.

The news was all good, however; net profit for Milaha's Offshore segment decreased by 26% over 2011, due to "unforseen operational issues" in q1 2012.

“2012 was another exciting and challenging year for Milaha, one in which we delivered strongly improved financial performance while continuing to make progress towards our long term strategic goals,” said Sheikh Ali bin Jassim Al Thani, chairman and md of Milaha. “The combination of a dynamic Qatari economy and our own significant, internal efforts to optimize productivity within Milaha contributed to a strong year overall."