Shipowner Qatar Navigation (Milaha) has posted a rise in first-quarter earnings as tanker and LPG carrier operations strengthened.
Net profit was QAR 283m ($77.7m) to 31 March, compared with QAR 278m a year ago.
Its 80 ships brought in revenue of QAR 690m, against QAR 710m in 2019.
The operating result was also down at QAR 200m, from QAR 216m.
The Milaha Maritime & Logistics division turned in net profit that was QAR 11m lower, mainly due to lower freight-forwarding volumes and project work.
Milaha Gas & Petrochem, however, saw earnings rise by QAR 69m, driven by improved market rates, benefiting wholly owned assets, as well as its joint ventures and associates.
The offshore vessel division's result decreased by QAR 60m, with increased ship impairments of QAR 74m more than offsetting higher use.
In the Milaha Capital business, profit rose by QAR 5m, mainly due to a gain on sale of land that offset lower dividend and held-for-trading portfolio income.
The trading arm saw its bottom line increase by QAR 1m as operating margins improved at bunker and trading agencies.
The company has LPG carriers, offshore ships and container vessels, plus a bulker, two product tankers and tugs.
