Qatar Navigation (Milaha) Q.S.C. today announced its financial results for the first quarter of 2012. The group declared a net profit of QR 284 million for Q1 2012, an 8.5 percent increase over Q1 2011. The group’s consolidated operating revenue in the first quarter of 2012 was QR 640 million.
In its core businesses, the group showed improved results in its Maritime & Logistics segment, while seeing declines in its Offshore and Gas & Petrochem segments.
Within the Maritime & Logistics segment, results for the Port Services, Container Shipping and Shipyard units improved over Q1 2011.
Despite the continued weakness in tanker rates, and a weak first quarter in LPG rates, the Gas & Petrochem segment still managed a positive, albeit lower, net profit.
“Our core shipping and logistics businesses had a mixed quarter as we’d expected, with gains in our regional supply chain activities partially offsetting the difficult global environment in ocean transport,” said Sheikh Ali bin Jassim Al Thani, Chairman and Managing Director of Milaha. “Our investments portfolio acted as a strong buffer for the group in these tough market conditions.”
As previously announced, Milaha began reporting segment financials under its new structure, following the re-alignment of the company into a Corporate entity and strategic business pillars. The company will be conducting an investor conference call during the week of May 6th, 2012, to further discuss its results.