Qatar Navigation (Milaha) Q.S.C. today announced its financial results for the three months ended March 31, 2014.

Summary financial results are as follows:

• Operating revenues of QR 699 million vs. QR 703 million for the same period in 2013, essentially flat year over year.
• Operating profit of QR 273 million vs. QR 283 million for the same period in 2013, a decrease of 3% year over year.
• Net profit of QR 349 million vs. QR 345 million for the same period in 2013, an increase of 1% year over year.
• Earnings per share of QR 3.08 vs. QR 3.03 for the same period in 2013.

Milaha’s net result was essentially flat year-on-year, with gains in the Gas & Petrochem, Trading and Capital segments offset by declines in the Maritime & Logistics and Offshore segments.

Milaha Maritime & Logistics saw a decline in revenues and net profit relative to Q1 2013. A modest increase in import volumes was offset by a decline in export volumes from Mesaieed Port due to a plant shutdown.

Milaha Gas & Petrochem revenue and net profit increased year-on-year. The increase was driven by improved earnings on the wholly-owned and operated tankers, Nakilat and Gulf LPG; in addition, the introduction of new harbour craft into the fleet boosted both revenues and earnings from port marine operations.

Milaha Offshore saw a drop in revenue and profit relative to 2013. A combination of lower vessel utilization and delays in the delivery of one new vessel drove the decline in first quarter performance.

Milaha Capital saw an increase in net profit relative to 2013, driven by dividend growth as well as a strong increase in the value of the investment portfolio.

“Our performance was mixed in the first quarter of this year,” said Sheikh Ali bin Jassim Al Thani, Chairman and Managing Director of Milaha. “However, we still managed to slightly increase our overall profit year-on-year.”

“Although we achieved slightly better results than last year, as part of our continuous improvement efforts, we are still taking active measures to help drive stronger results across our core businesses,” said Khalifa Ali Al-Hetmi, President and Chief Executive Officer of Milaha.