Milaha Reports Net Profit of QR 278 Million for Q1 2019

DOHA, April 28 (QNA) - Qatar Navigation (Milaha) Q.P.S.C. today announced its financial results for the three months ended March 31, 2019, where it achieved a Net profit of QR 278 million for the three months ended March 31, 2019, up from QR 260 million for the same period in 2018 Operating revenues of QR 708 million for the three months ended March 31, 2019, up from QR 698 million for the same period in 2018 , while the operating profit of QR 214 million for the three months ended March 31, 2019, up from QR 203 million for the same period in 2018 Milaha Maritime and Logistics revenue decreased by QR 24 million and net profit by QR 12 million, driven by a decrease in bulk shipping rates and a vessel impairment charge on our bulk carrier. Milaha Gas and Petrochems revenue increased by QR 3 million and net profit by QR 50 million, aided by improvement in market rates and growth in some of the sectors we operate in, while Milaha Offshores revenue increased by QR 61 million and bottom line improved by QR 6 million on the back of improved utilization. Milaha Capitals revenue decreased by QR 22 million and net profit by QR 23 million, with lower dividend income from our held for trading portfolio driving most of the reduction. More over, Milaha Tradings revenue decreased by QR 22 million and bottom line decreased by QR 1 million due to the decline in heavy equipment sales. The company was established in July 1957 as the first public shareholding company registered in Qatar and holds commercial registration no.1. Milahas current activities include marine transportation in gas, petroleum products, containers and bulk; offshore support services; port management and operations; logistics services; shipyard; trading agencies; real estate investments; and asset management. (QNA)