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Milaha takes Q1 hit from container and offshore

Doha-based shipping group Milaha saw its overall revenue and profit slide slightly in the first quarter due to the pressured markets in container and offshore. Tanker carrier Milaha Gas and petrochem was the only unit to note growth.

Milaha Chairman Sheikh Ali bin Jassim Al Thani. | Photo: Milaha

The Milaha Group, headquartered in Doha, Qatar, noted an overall slide in revenue and profits in the first quarter of the year where the company's gas carrier Milaha Gas & Petrochem was the only business unit to deliver an improved result.

The group finished the first quarter 2016 with a net profit of 352 million Qatari riyal, around USD 97 million, down 3.5 percent from 365 riyal in the same period last year. Revenue decreased 1.9 percent to 771 million riyal from 786 million riyal in the first quarter 2015.

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