Qatar Navigation (Milaha) Q.S.C. announced its financial results for the 9 months ended September 30 th , 2013.
Highlights:
Four of Milaha’s five segments showed significantly improved results, with double digit net profit growth.
Milaha’s Maritime & Logistics segment net profit improved 13% during the first 9 months of 2013 vs. the same period in 2012, driven mainly by port services and container transport operations. In addition, gains from the sale of under-performing assets throughout 2013 helped drive bottom line growth.
Milaha’s Offshore segment net profit improved 18%, driven largely by the addition of new vessels to the fleet.
Milaha Gas & Petrochem net profit grew by 17% overall, driven by increased revenues from LNG joint ventures and despite continued weakness through the first half of the year in VLGC rates.
“ I’m pleased that all our core segments showed much stronger performance relative to last year. We have so far had a record year profit-wise and the results are due to a combination of both stronger market conditions as well as dedicated efforts internally to continuously improve on the way we conduct business. ” said Sheikh Ali bin Jassim Al Thani, Chairman and Managing Director of Milaha.
[mappress] LNG World News Staff, October 29, 2013; Image: Milaha