Qatar Navigation Says Q1 Net Profit Up 4% On Core Business Growth

Qatar Navigation (Milaha) reported a four per cent increase in first-quarter net profit on Monday, with the company citing a strong performance in its core business offsetting a decline in returns on its investment portfolio.

The firm made a net profit of QAR365 million ($100.3 million) in the opening three months of 2015, up from QAR349 million in the corresponding period of last year, according to a statement.

The result was marginally below the forecast from QNB Financial Services, which expected earnings in the quarter of QAR370.3 million.

Milaha’s core units — Maritime & Logistics, Gas & Petrochem and Offshore — posted a combined increase in profitability of 71 per cent year on year.

This helped overcome a 31 per cent year on year decline in earnings from Milaha Capital, which suffered due to volatility on the Qatar stock market, the statement added.