[vc_row][vc_column][vc_column_text]Qatar Navigation (Milaha) Q.P.S.C. has announced its financial results for the three months ended March 31, 2017.
As per an official release, the key financial highlights are:
* Operating revenues of QR 648 million for the three months ended March 31, 2017, compared to QR 767 million for the same period of 2016.
* Operating profit of QR 185 million for the three months ended March 31, 2017, compared to QR 256 million for the same period of 2016.
* Net profit of QR 236 million for the three months ended March 31, 2017, compared to QR 352 million for the same period of 2016.
* Earnings per share of QR 2.12 for the three months ended March 31, 2017, compared to QR 3.10 for the same period of 2016.
Milaha Maritime & Logistics’ net profit declined by QR 14 million, mainly as a result of continued rate pressure in its container shipping unit.
Milaha Gas & Petrochem’s net profit declined by QR 46 million as a result of a global downturn in shipping rates that impacted all major sectors it operates in.
Milaha Offshore’s net profit decreased by QR 25 million, with QR 22 million of that related to impairments.
Milaha Capital’s net profit decreased by QR 21 million, mainly due to impairments in available for sale investments.
Milaha Trading’s net profit decreased by QR 4 million as a result of weaker demand for commercial trucks and heavy equipment.
“We are continuing to face the same market challenges as in 2016, but we remain confident in our ability to drive growth and capitalise on new opportunities while exercising financial discipline,” said Sheikh Ali bin Jassim Al Thani, Chairman of Milaha’s Board of Directors.
Milaha’s President and CEO, Mr Abdulrahman Essa Al-Mannai, said: “Given the difficult environment we are working in, we posted solid operational results. We will continue moving ahead with our multi-year growth strategy to build a stronger and more sustainable business.”[/vc_column_text][/vc_column][/vc_row]
