Qatar Navigation (Milaha) Q.S.C. today announced its financial results for the first half of 2012, ending June 30th.
Summary financial results are as follows:

• Operating revenues of QR 1.164 billion vs. QR 1.159 billion for the same period in 2011, an increase of 0.4% year over year.
• Operating Profit of QR 320 million vs. QR 300 million for the same period in 2011, an increase of 6.6% year over year.
• Net Profit of QR 441 million vs. QR 418 million for the same period in 2011, an increase of 5.5% year over year.
• Earnings per share of QR 3.85 vs. QR 3.65 for the same period in 2011.

Milaha’s Maritime & Logistics segment showed strongly improved results vs. H1 2011, driven by Port Services and Container Feedering activities.

Continued weakness in product tanker rates and a weak first quarter for LPG rates resulted in lower net profit for the Gas & Petrochem segment relative to 2011; however the segment’s performance improved significantly from Q1 2012.

Milaha’s Offshore segment declined year-on-year due to the overhang from a weak first quarter in 2012, despite a stronger performance in the second quarter.

“Our core businesses had a mixed first half as we’d expected, with gains in our regional maritime activities partially offsetting the difficult global environment in ocean transport and a decline in offshore services,” said Sheikh Ali bin Jassim Al Thani, Chairman and Managing Director of Milaha. “The performance of our reserve portfolio of investments acted as a strong buffer for the group during the first half.”

Beginning Q1 2012, Milaha began reporting segment financials under its new structure, following the re-alignment of the company into a corporate entity and strategic business pillars. The company will conduct an investor conference call on August 8th, 2012, to further discuss its results.