Qatar's Nakilat posts 5.9% rise in Q2 profit

World's largest shipper of LNG says better cost control boosts performance in Q2
Qatar's Nakilat posts 5.9% rise in Q2 profit
By Reuters
Wed 18 Jul 2012 05:43 PM

Qatar Gas Transport Co (Nakilat), the world's largest shipper of liquefied natural gas (LNG), on Wednesday reported a 5.9 percent jump in quarterly profit partly thanks to better cost control.

Nakilat posted second quarter profit of QR204.1m ($56.1m) according to Reuters calculations, compared with QR192.8m in the same period last year.

One analyst forecast a quarterly profit of QR214.57m, in a Reuters poll.

"Our net operating income was up, and we're continuing to manage expenses quite well," Managing Director Muhammed Ghannam told Reuters by telephone.

The company made a first-half net profit of QR380.6m after a QR4.6m loss on a derivative instrument from a joint venture, it said in a statement posted on the bourse website, without giving further details.

Nakilat said in October that a decision on whether to convert 45 of its largest tankers to burn natural gas instead of oil continued to be under consideration but would not affect the company financially.

It is expected to approve a $1bn overhaul of the tankers, prompted by an unexpected fall in natural gas prices against the price of oil in recent years, senior industry sources told Reuters last year. The work would take place through 2015.

Nakilat shares closed down 0.13 percent at 15.7 riyals on Wednesday before the results were announced.

For all the latest transport news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.