Milaha posts higher profit in Q1

Doha-based Qatar Navigation (Milaha) said its net profit rose 4 percent to QR 365 million in the first quarter of this year, as compared with the same period in 2014.

Milaha, which owns a 30 percent stake in Nakilat and has varying ownership stakes in nine LNG vessels, informed that operating revenues increased 12 percent to QR 786 million in the first quarter.

Milaha Gas & Petrochem’s revenue grew by 39 percent and its net profit by 45 percent, on the back of stronger performance in its fully owned and operated product tanker and gas carriers, as well as higher VLGC rates.

In addition, the segment benefited from the full year effect of 19 harbour vessels, some of which were received through mid-year 2014.

1 Qatar riyal = 0.274718 U.S. dollars

Image: Milaha