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Qatar’s Nakilat Q2 Profit Rises On Higher Charter Rates

Qatar’s Nakilat Q2 Profit Rises On Higher Charter Rates

The company made a net profit of QAR238.6 million ($65.6 million) in the 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 QAR238.6 million ($65.6 million) in the three months to June 30, according to Reuters calculations based on its first-half financial statement. This compares with a profit of QAR182.4 million in the corresponding period of 2013.

QNB Financial Services had forecast Nakilat’s quarterly net profit would be QAR199.2 million.

The company’s net profit for the first half of 2014 was QAR444.9 million, up from QAR359.2 million 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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