Qatar's Nakilat Q2 profit rises on higher charter rates

LNG shipper Qatar Gas Transport Co says it made profit of $65.6m in three months to June 30

Qatar Gas Transport Co (Nakilat), one of the world's largest shippers of liquefied natural gas, posted a rise in second-quarter net profit on Wednesday, citing higher charter rates for gas transportation.

It made a net profit of 238.6 million riyals ($65.6 million) in the three months to June 30, according to Reuterscalculations based on its first-half financial statement. This compares with a profit of 182.4 million riyals in the corresponding period of 2013.

QNB Financial Services had forecast Nakilat's quarterly net profit would be 199.2 million riyals.

The company's net profit for the first half of 2014 was 444.9 million riyals, up from 359.2 million riyals a year earlier, it said.

Nakilat cited a "remarkable improvement" in international charter rates for LNG transportation as well as increased activity at the company's shipyard facilities.

The company said it would continue to look for good opportunities to acquire new vessels, and to increase the utilisation rate at its Erhama Bin Jaber Al Jalahma Shipyard.

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