Qatar Navigation (Milaha) announced its financial results for the three months ended March 31, 2017.
The company reported a net profit of $64mn (QAR236mn) for the three months ended March 31, 2017, compared to $96mn (QAR352mn) for the same period in 2016.
Milaha Maritime & Logistics net profit declined by $3.8mn (QAR14mn), mainly as a result of continued rate pressure in its container shipping unit. Its Gas & Petrochems net profit declined by $12.6mn (QAR46mn) as a result of a global downturn in shipping rates that impacted all major sectors they operate in.
Milaha Offshores net profit decreased by $6.8mn (QAR25mn), with $6mn (QAR22mn) of that related to impairments. Milaha Capitals net profit decreased by $5.7mn (QAR21mn), mainly due to impairments in available for sale investments.
Milaha Tradings net profit decreased by $1mn (QAR4mn), as a result of a weaker demand for commercial trucks and heavy equipment.
HE Sheikh Ali bin Jassim Al Thani, chairman of Milahas board of directors, said: 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.
For his part, the firms president and CEO, 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.