Milaha (Qatar Navigation) records 518 million net profit….

Milaha (Qatar Navigation) has posted a half yearly net profit of QR518mn, down 10% on the same period in 2013.

The earnings per share (EPS) stood at QR4.56 in June compared with QR5.05 in the same period last year.

Milaha Capital accounted for the majority of the reduction in net profit (8% of the 10%), attributable to a steep decline in the Qatar equities market in June, but which has since rebounded.

Milaha’s core maritime segments — offshore, maritime and logistics, gas and petrochemicals — accounted for 3% of the reduction in net profit.

“This was driven mainly by an unexpected decrease in export volumes from Qatar, as well as from lower vessel utilisation and vessel delivery delays in the offshore segment. The decline in offshore and maritime and logistics was partially offset by significantly higher net profit in the gas and petrochemical segment, as VLGC sector rates showed strong improvement over recent years,” Milaha said.

Strong results in Milaha trading contributed to an increase of 1% in the overall net profit, the company said in a statement yesterday.

“This is our first year on year decline in a while,” said Sheikh Ali bin Jassim al-Thani, Milaha chairman and managing director. “And while much of it was not in our control, we are very focused on getting the business back to normal the rest of the year.”

“We have put in place a number of measures targeted at both driving incremental revenues and reducing discretionary costs over the rest of the year in most of our core businesses,” said Khalifa Ali al-Hetmi, Milaha president and chief executive officer.

“We have largely overcome the operational issues from the first quarter and look forward to a stronger second half.”