One of the world's largest LNG shippers says derivatives loss makes dent in earnings
Qatar Gas Transport Company (Nakilat), one of the world's largest shipper of liquefied natural gas (LNG), has posted a flat first-quarter net profit as a derivatives loss made a dent in company earnings.
The firm reported a net profit of QR177.2m ($48.7m) for the first quarter of 2013 its said in a statement to the Qatar stock exchange, compared to QR176.6m in the same period last year.
The net profit figure missed the estimate of EFG Hermes, which forecast that the company would make QR207.4m for the first three months of the year.
Nakilat said it made a loss on derivatives at an overseas joint venture of QR11.8m in the quarter due to the way the instruments were treated in its accounts. The move had no impact on the cash flows or liquidity of the firm, it added.
The company posted a QR10m loss on derivatives in the first quarter of 2012.
Shares in Nakilat closed on Thursday 0.3 percent lower, trimming year-to-date gains to 4.6 percent, against a wider market decline of 0.4 percent.